By Jason Gelios REALTOR®/Author 5 min. read
Many people have asked me if they can appeal a home appraisal if they are not happy with the results. Many lenders are open to reviewing the home appraisal again.
Here are some tips on appealing the appraisal:
One part of the appraisal will be an area showing comparable properties the appraiser used to get to their value of your home. These are also known as ‘Comps’. This area of the appraisal report usually provides the most concern for home owners. Sometimes these properties will not be a solid comparable to the property being appraised.
Before appealing the appraisal, ask yourself these questions:
When appealing a home appraisal you will want to bring all the information backing up your appeal to the lender. Making it easier for them to review your appraisal will save time and get you an answer back faster. If the lender does not agree with your appeal, don’t sweat. An appraisal is just a subjective opinion based on a snapshot in time. You could request another appraisal but that will end up costing you more money.
Jason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the book Think like a REALTOR®, Creator of The AskJasonGelios Real Estate Show and an Expert Media contributor.