Be Sure To Review Your Appraisal Report

Obviously, when looking at a home appraisal, the appraiser is the expert. But appraisers are still human, and can make mistakes. Make sure to read over the appraisal report, especially if you feel the appraisal value is wrong. It’s possible the appraiser entered something incorrectly or there was a communication error.

If you review the report thoroughly, you may be able to find discrepancies even if you don’t know much about appraisals yourself. If you do, don’t be afraid to talk to the appraiser about it. Sometimes just pointing out a mistake can solve the problem. If you do need to argue your case, though, having thoroughly read the report can only benefit you. This lets you potentially gather enough evidence that the appraiser revises their appraisal.

If that doesn’t work, you may have to request a reappraisal from the lender. Though, you should note that not all lenders allow reappraisals, and even if they do, they won’t accept your request without sufficient evidence. If you can’t get a reappraisal — whether the lender doesn’t allow them or the request was denied — the next person to talk to is the other party in the transaction. Be open with them and discuss the situation so they understand why you want to renegotiate. If you’re the seller, you may need to adjust the purchase price, and if you’re the buyer, you may need to explore other financing options.

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