How to fight an appraisal

[Michael Plante]

Most recent comp is 6 months old 

>>>> Appraisal says 1.3 acres LESS for the subject than the county says 
Appraisers reply. I don’t count wetland.  
Not true as evidenced by including wetland in one of the comps 

>>>> Appraiser gives $5000 credit for pond view on comp.   Subject property is ON. A pond approx 12 times the size of comp

Appraiser says it’s in the back yard so not the real view 

>>>> Appraiser says a brand new 150sq foot outdoor kitchen on subject property with new Fridge, cement floor, sink, cook top and Pugilla is equal to 20+ year old rusted and falling down wore field fence 

Appraiser says yes they are equal 

>>>>> Appraiser gives no increase in price now VS comps which sold 1 year ago even this area of FL is experiencing the second fastest increase in prices in 50 years 

Lender even says appraiser is completely wrong

Anyone have success going further and winning and if so how do you do it?

BTW 4 offers at asking price.  Appraisal comes back $40,000 less than ask    I actually owned one of the comps and KNOW the subject house is much more valuable because I personally rehabbed both of them 

[Charlie MacPherson]

@Michael Plante If the loan is VA, you can trigger the Tidewater Initiative (https://www.benefits.com/va-lo...).  That gives all parties 72 hours to submit new/better data to the appraiser to attempt to get them to increase their valuation.

If it's not VA, you either need a new appraisal or need to bring the difference in cash to closing.

I just lost out on the sale of one of the businesses I have listed for sale because of a garbage home appraisal. The buyer needed a HELOC to fund his down payment and the appraisal came in over $100,000 below what was expected.

It's a lousy situation to be in, but it's a fact of life.