Like other real estate matters, small numbers can be a problem for the seller/owner. A low appraisal can mean a lower listing price and a lower budget for the homeowners. So what should you do if you suspect your appraisal was too low?
Start At The Beginning
A low appraisal may come as a shock, but until the reason is outlined, it is important to remain optimistic and respectful. Housing markets go up and down often, and comparables may be the reason for such a low valuation. Unfortunately, this is out of an appraisers hand but something you can plan with a Real Estate Agent.
Speak to Your Lender
If a chat with the appraiser still does not add up, you’ll need to talk to your lender next. Any reconsideration of value past the appraisal lies with the lender so it would be unwise to assume changes can be made individually.
The Hard Truth
If neither of these options pans out, it may be something out of your hands. The hard truth is that not every house and neighborhood will maintain positive value over the years. Try to settle on a median listing price and the face value condition of the house.
For more tips on appraisals or to make an appointment, call the Home Appraising group today.
