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Updated over 5 years ago on . Most recent reply

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Kenneth Moerschel
  • Rental Property Investor
  • Brooklyn, NY
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Appraisal Is much lower than expected

Kenneth Moerschel
  • Rental Property Investor
  • Brooklyn, NY
Posted

Hi Everyone, Received a lower appraisal for a house than expected. Is there anything I can do to "challenge" the appraisal or is there a way to see if I can get a little more out of the house than what it was appraised for? Any ideas are appreciated. Just looking to do a refinance and we all were a little surprised it appraised for a lot less than expected. 

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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
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Jonathan Greene
#5 Starting Out Contributor
  • Real Estate Consultant
  • Mendham, NJ
Replied

In my experience, the only way to "prove" to an appraiser that they came in too low is to provide comps that support the value you think it's worth. If you have a friend who is an agent they may be able to find comps that support your anticipated value. Appraisers run a pretty strict formula so you need to show how they missed something or like Tim said above, find the value add that they missed in their appraisal.

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