What is the most effective way to protest an inept appraisal?

Asked by Joseph Runfola, Staten Island, NY Tue Aug 18, 2009

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Jo-Ellen Ashby’s answer
Jo-Ellen Ash…, Agent, New York, NY
Tue Aug 18, 2009
BEST ANSWER
So the appraiser "weighted" the $352 by making adjustments for the declining market, or for the amenities, or for the time-back of the higher-priced closings.....They're very strict right now, hopefully, this will pass---it's happening on every transaction---but I suggest IF you have just one better comp to provide him in the $380 range, that you call him to offer it up and reconsider.
Jo-Ellen
1 vote
Jo-Ellen Ash…, Agent, New York, NY
Tue Aug 18, 2009
Did you get $373,300 as your appraisal? Can you ask the bank to disregard the low one and provide a recent, closer-in-likeness to the subject property to then get your $383-385,000 price?
Jo-Ellen
1 vote
Daniel Kenna, , 60103
Tue Aug 18, 2009
The most effective way is to go out and obtain 3 comparable properties that have sold and closed within the past 6 months as close to the subject property as possible. These properties should be similiar in size and style. This will be the best way to prove value.
1 vote
Thomas McGiv…, Agent, Farmingville, NY
Wed Aug 19, 2009
go through the bank mortgage consultant - they need to file a letter -
0 votes
Joseph Runfo…, Agent, Staten Island, NY
Tue Aug 18, 2009
Hello Jo-Ellen, thank you, yes I got $373,300, and that's all I need, however the appraiser values it at $360,000.
Web Reference:  http://www.clovelake.com
0 votes
Joseph Runfo…, Agent, Staten Island, NY
Tue Aug 18, 2009
If the appraiser chooses and uses 3 comparable homes in his report with sold prices of $352,000, $383,000, and $385,000 what would you believe the value of the subject home which is in superior condition to be valued at?
Web Reference:  http://www.clovelake.com
0 votes
Kyle, , Scottsdale, AZ
Tue Aug 18, 2009
What is your issue with the appraisal? You think his adjustments were wrong?
0 votes
Joseph Runfo…, Agent, Staten Island, NY
Tue Aug 18, 2009
What if you actually use the appraiser's 3 comparable properties, which in fact show a different result than what the appraiser valued the property at?
Web Reference:  http://www.clovelake.com
0 votes
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