Can you appeal a low VA appraisal?

Asked by Weegotmail, Mountain House, CA Sun Dec 2, 2012

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Tom Bashe, Agent, Temecula, CA
Mon Jan 27, 2014

You absolutely can appeal a low appraisal with the lender, we have had to do it several times over the past 4-5 years. I will say however, that it is highly unlikely that the value will change as usually the appraiser sticks to their guns, so your best bet if you have pull with the lender is to have them throw out that appraisal and order up a new one. Best of luck & enjoy your day!

Tom Bashe, Broker
SCA Real Estate
0 votes
Kari Shea, Agent, San Diego, CA
Mon Dec 3, 2012

Ever since the change in the Real Estate market that started in 2006-2007, buyers and sellers are no longer allowed to talk to an appraiser. Most lenders are not allowed to appeal an appraisal also, unless it is completely out whack with current values.

Cory has the other points correct.

Best of luck,

Mark & Kari Shea
Shea Real Estate
National Association of Realtors
CA DRE License 01713506
0 votes
Cory La Scala, Agent, San Diego, CA
Mon Dec 3, 2012
Are you the buyer or seller?

If you're the buyer and really want the home, but can't pay the value difference in cash, you can ask the lender for another appraisal, but you'll have to pay for it, and as you know, they're not cheap.
Or, if you think the appraisal was low and you can prove it with a comprehensive set of comparables, taking into consideration ALL of the variables that appraisers have to consider, you can send those to the lender.

If you're the seller, it may not help. Sellers often think their properties are valued higher than what the value actually may be. But, sometimes appraisals come in low, too. If an appraisal came back low, and you want to challenge it, you'll likely be lengthening the loan process and the entire escrow time. If you're prepared to extend escrow, the buyer has to agree with that in writing, but I doubt a buyer would lengthen an escrow so you can try to prove the property is worth more. Or, you can follow your contract to take steps to end the sale and try again - but only if you have that option in your contract.

So, it depends if you're the buyer or seller, and what your contract says. Ask your agent to show you where in the contract to read about the appraisal contingency, contingencies in general, and canceling the sale. And, by the way, where IS your agent??
0 votes
Exactly my point...where is my agent. Our VA appraisal came in 35k lower than asking price of 305k in Tracy. We offered 290k and 20k to fill the gap it was all we could do and the seller put the home back on the market two days later. We are just devestated....
Flag Mon Dec 3, 2012
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