@Ben Haab. I appealed an
appraisal (as the buyer) on a VA jumbo loan in 2018. It came in 35K low, so I would have needed to bring 35K to the table. My lender said he had never seen a VA appraisal get overturned, but he would submit an appeal if I could put it together in 24hrs. I already had all my own comps, so I wrote up a very respectful appeal. End game - they overturned the original valuation and it ended up appraising for slightly more than my contract price.
Items I highlighted:
- 3 bedrooms + 2 baths on one level (most comp’d homes had 2 bedrooms on one level, and one in the basement... more subjective value to families with kids in having all bedrooms on the same level).
- some basements of properties used in the comps had lower ceilings, and as such, were technically non-conforming. aka lower value.
- some rooms listed as bedrooms in comps didn’t have closets. Also technically non-conforming.
- significant landscaping differences that were not taken into account.
Bottom line - know your comps, and never be afraid to (respectfully) submit an appeal. Even on VA or FHA loans. And always submit the appraisal appeal respectfully, because appraisers are people, too. They most likely already feel attacked as you are attempting to tell them their "opinion" is wrong... so tread lightly.
Side note - There is a stigma around VA loans that I would like to see disappear eventually, because the perception can hurt the very people those loans are designed to help.
