What Happens when you get a low appraisal and what to do about it
Update: 2024-04-26
Description
Guest: Danielle Evans, Gateway Appraisal Services
In this episode, we dive into the crucial steps to take when faced with a low appraisal. Joined by expert Danielle Evans from Gateway Appraisal Services, we discuss how to navigate this challenging situation effectively.
Key Topics Covered:
- Understanding the type of appraisal report you have.
- Reviewing the appraisal in detail and considering hiring an expert to interpret the report.
- Identifying and addressing missing or incorrect information (common mistakes to look out for).
- Gathering good comparables using the same parameters as the appraiser.
- Requesting a reconsideration of value or a different type of appraisal.
- Discussing the appraisal with your lender and exploring options.
- Considering switching lenders if necessary.
- Filing a complaint with a higher authority, such as the state appraisal board or a consumer protection agency, for serious concerns.
Tune in to learn how to handle low appraisals with confidence and make informed decisions in your property transactions.
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