Here’s what to do if your appraised value doesn’t match the contract price.
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If your home’s appraised value comes in low, it’s possible to get it adjusted. Just like the rest of us in this busy market, appraisers are also swamped. A low appraisal could simply be due to human error. If you don’t find any errors in the report but still disagree with the findings, your REALTOR® can prepare a rebuttal and potentially get an adjustment made to the value.
Getting your appraised value adjusted is certainly a challenge; however, it’s not impossible.
You’ll need your REALTOR® to prepare a list of comps that they feel are appropriate as well as all of the updates and upgrades your home has had and submit it to the lender for consideration. Getting your appraised value adjusted is certainly a challenge; however, it’s not impossible. But if you and your REALTOR® have exhausted all means of getting it adjusted and it’s just not working out, it’s time for you to go back to negotiations with your buyer.
If you have any questions about appraisals or real estate in general, please feel free to call, text, or email us. We would be glad to help.