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Updated almost 5 years ago on . Most recent reply

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Svetlana G.
1
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12
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Lender's appraisal- can we challenge it?

Svetlana G.
Posted

We just received lender's appraisal on the  property we area selling. While the market is very hot in our area and houses are moving quickly, I am puzzled why comparable houses (number of bedrooms, bathrooms,  total sq. ft) that sold within the last 2-3 weeks were not included in the report, while those that sold almost a year ago are included.  Has anyone challenged appraisal, on what basis and was it successful?

Grateful for any insight you may provide!

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967
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Kirk R.
  • Peoria, IL
383
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967
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Kirk R.
  • Peoria, IL
Replied

i have tried to meet with appraisers whenever possible BEFORE their report. 

My experience is once they publish/deliver they don't like changing.  I did convince one when I was Realtor but it was small bump maybe $4k.

argued with one appraiser.  he Used houses in different school districts.  imo school district one of largest factors in my market.  Came back with low appraisal.  No changing his mind.  ok fought & lowered tax value with that appraisal! lol

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