What to do if there is a mistake in appraisal report?

Asked by Sazia, Ashburn, VA Wed Jun 27, 2012

My appraisal came in low and they haven't added the additional 250sft. What can i do in this case? any answers are appreciated. Thank You.

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Beth Seifart’s answer
Beth Seifart, Agent, Leesburg, VA
Sun Aug 25, 2013
This is a very good question. Depending on who set things up have them get in touch with the appraiser. A reputable one should re-evaluate the appraisal based on your questions and have reasons why they came up with their appraisal. If that doesn't work since a low appraisal affects both parties see if you can have another appraisal the lender will agree to and split the price between you and the seller if necessary.

Appraisals are rather tricky right now because prices are inconsistent and many appraisers are having trouble finding comps to the particular property. When I am the seller's agent I have my comps ready and show them to the appraiser. Many times they consider these as part of the process.

I hope this helps! Good Luck!

Beth Seifart
Keller Williams Realty - Leesburg, VA
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Andy Cormack, Agent, Franklin, TN
Fri Aug 23, 2013
The first thing would be to contact the appraiser and bring it up. It is completely possible that it is a simple mistake. If the appraiser will not respond then you can work it out with the purchaser or if its a re-fi talk to you Loan Officer about another appraisal.
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