Friday, January 29, 2021 / by Vyral Marketing
When the Appraisal Is Lower Than the Contract Price
When an appraisal comes in lower than the contract price, we first look for mistakes in the appraiser’s report. Appraisers are very busy, especially in today’s market, and sometimes they might overlook square footage, or the comparables they used might have been inappropriate. People can make mistakes. You can submit a rebuttal when this happens, but it’s rare to get the appraiser to change their opinion of the home’s value. After all, an appraisal is the appraiser’s opinion of the value based on their research.
Often, it’s easier to influence the appraiser’s opinion of value before that opinion has been formed. On our team, we reach out to the appraiser before they visit the property so we can influence them based on data that will help our clients get the best value.
If you or someone you know is looking to buy or sell, reach out to us. We would love to help you avoid as many appraisal pitfalls as possible.