I have had this happen 3 times in the last 2 months. As a lender I can tell you this much. Appraiser's have to appraise the house with the best data available. If the agent selling the house compared the house for sale incorrectly this could cause problems, when they list it for sale.
Underwriters when reviewing appraisals can ask for a review if they are alerted there is a value issue. This will come in form of a review, either desk or field review. A desk review is when another appraiser independent of the original, reviews the work of the original appraiser. A field review, is when they request another appraiser to trace the work of the original appraiser.
All of this is tied to the investor who buys the mortgages. They can call out the underwriter if this was taken lightly, and basically say they disagree with the value when they go to buy the loan for servicing. This is why underwriters will ask for reviews on appraisals.
At no time can a lender order a new appraisal , just to get a better value.
Long story short, we had 1 deal fall apart, 1 deal where the buyer brought a bit more to closing (but the purchase price was reduced by the seller), and one deal is active right now.
Ultimately, you need a strong buyer's agent or selling agent (if you are selling you're home). It is imperartive that proper data be used to list a house for sale, and a buyers agent make sure it is a good value on the house you want to buy. You also need a strong lender who can review appraisals in instances like this and work together with agents to present better data in times where the value comes in low. It is not guaranteed that the appraiser will change the value, but if you pull apart the appraisal comparable sale by comparable sale, and adjustment by adjustment, you may be able to find flaws in the appraisal. This is how you can get an appraiser to make changes.
If nothing works, then follow Robert McGuire's advice as well, since he is a strong agent .
To your success~
Summit Home Mortgage