How To Contest A Low Appraisal
You first need to make sure that you understand that you, your real estate, and mortgage professional are not appraisers. Remember, we are all biased and of course we want it to appraise for what you are offering to buy it for.
The article does give you some good information about checking for certain mistakes. Also, it goes on to say “Don’t be ashamed to ask questions,” Straw said. “It is an opinion of value, and I underscore ‘opinion.’ What you are getting is a report of an appraiser’s compilation of data and interpretation of data.”
The bottom line is that it is not easy to appeal an appraisal. I personally think that the real estate agent on the transaction should meet the appraiser at the property, provide them with any relevant information, etc.
“Be proactive, rather than reactive,” Sellers said. “If you are aware of a foreclosure down the street that is similar to yours, or a divorce case that would cause a sale to be low for high-pressure reasons… make [the appraiser] aware of that.”