House sellers depend on appraised value to provide prospective buyers a competent estimate of the home’s value. But a real estate appraisal is simply as great as the judgment and expertise of the individual carrying it out, and also the accuracy of the information he uses. Should you disagree with the evaluation value placed on your home, there are several steps you can take to alter it.
Speak to the appraiser. Give her a call to go over the appraisal and ask for the information that she relied on to reach the suggested appraisal value. Discover whether the”corresponding” sales are accurate, timely and complete. Otherwise, ask the appraiser to consult a better data set and adjust the value as she might see fit.
Speak with your realtor on the possibility of acquiring a second opinion, if you are trying to sell your property. The agent might agree with the evaluation and have great reason for doing this; the agent probably knows the marketplace at least as well as the appraiser. If the agent disagrees with the evaluation, then he is as motivated as you are to get a different opinion.
Ask the bank or other lender to obtain a second appraisal if you are trying to refinance a mortgage loan and the evaluation value has come in lowcost. If the lender refuses, you can make a loan application to a second lender, who will purchase a new evaluation done.
Ask for a certified appraiser to review the appraisal files and provide a disinterested opinion on the job. She’ll charge a fee for this service, but it may be less expensive than ordering an entirely new walk-through evaluation.
Contact your county assessor’s office and request the process of protesting evaluations, if you are contesting an appraisal completed to determine property value for taxation purposes. The bureau will have a deadline for filing these appeals and also a standard form where you’ll give your reasons for believing the evaluated value is too large. You may be asked to attend a hearing on the situation. To get ready for it, you should have a market evaluation done by a real estate specialist and completely document the condition and features of the home.