On our recent home appraisal there were several inaccuracies, what can I do to get them corrected?

March 7th, 2010 | by admin |

I live in florida and our recent appraisal came back way lower than the recent appraisals of several other homesin my subdivision even though our home has many upgrades the others do not have- my hubby is the project manager so I know the details of most of the homes built here. One of the comp homes used was valued at $15,000 more than mine even though they are based on the same florr plan and we upgraded with lots of extras. Because of this poor appraisal we can’t refinance. I’ve emailed the appraiser with these omissions plus he had incorrect sales info on another comp property. Is there any other recourse?
Some extra details…
One year ago our home appraised at 180,000. Current appraisal was $130,000. Smaller version of our home just sold for $145,000. Home across street and home next door appraised at $140,000 and $145,000 last month and both are 100 sq foot smaller than ours. Our home appraised at $70 a square foot yet the last 4 sales in our neighborrhood went for $108 a square foot.

Expert Realtor makes some very valid points. Additionally, I want you to think about what is going on with the real estate market right now. I’m assuming you have seen ALL of the news about falling home values which has resulted in people not being able to refinance their homes which has resulted in all the foreclosures, which has resulted in bank failures and the government bailout…this could very well be what is happening in your area. The real estate bubble has burst – and home prices are WAY off. As a banker, I have seen some very bad appraisals – but they are never on the low end…they are always way too high…

I’m sorry your aren’t happy with the value. You can always have another appraisal done, but there isn’t any "recourse"…and it probably says so in the appraisal.

  1. 4 Responses to “On our recent home appraisal there were several inaccuracies, what can I do to get them corrected?”

  2. By Expert Realtor on Mar 7, 2010 | Reply

    You have the right to ask him to justify the appraisal. The one thing that I can tell you is that is very rare than an appraiser is incorrect as far as property value, in fact, they tend to push it further than it’s really worth.

    HGTV has mislead people into thinking that any and all upgrades increase the value of the home…it doesn’t. It really boils down to floor plan, square footage, curb appeal, and overall condition rather than a play-by-plan. Things like a larger lot size, hardwood floors and lavish landscaping are your #1 investments, but things like tile, upgraded carpet and appliances, custom this custom that, won’t be reflected in the overall value.

    If your builder is still in the neighborhood and offering huge incentives, that is going to kill your property value. It’s very hard to sell or refinance a home in a neighborhood where the builder still is.

    You can always ask that the bank get another one, but you’ll have to foot the expense for it, and I seriously doubut it’s going to make a $15K adjustment.
    References :

  3. By Holly R on Mar 7, 2010 | Reply

    Expert Realtor makes some very valid points. Additionally, I want you to think about what is going on with the real estate market right now. I’m assuming you have seen ALL of the news about falling home values which has resulted in people not being able to refinance their homes which has resulted in all the foreclosures, which has resulted in bank failures and the government bailout…this could very well be what is happening in your area. The real estate bubble has burst – and home prices are WAY off. As a banker, I have seen some very bad appraisals – but they are never on the low end…they are always way too high…

    I’m sorry your aren’t happy with the value. You can always have another appraisal done, but there isn’t any "recourse"…and it probably says so in the appraisal.
    References :

  4. By CHARITY G on Mar 7, 2010 | Reply

    The answers above are correct . . . I would also like to ad that different banks have different agendas for their appraisals . . . your bank could be one of many that told the appraiser to "hit it hard" . . . banks do this all the time . . .
    References :
    I would spring for a different appraisal . . .even if you contest the comps . . . the bank will still be able to see the "original" value

  5. By Ed Atun on Mar 7, 2010 | Reply

    You can contact the lender or the appraiser directly. The mistakes should be fixed. In the old days, the copy of the appraisal was never given to the homeowner because the bank knew what would happen: the homeowner would complain about how poorly the appraiser described the house..
    References :

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