(Closed) Appraisal came in WAY lower than actual value!

posted 7 years ago in Home
Post # 3
Member
3943 posts
Honey bee

Yikes…that sucks 🙁

The sellers of the house we bought challenged our appraisal. The appraisal came back about $15K below the selling price, and because it was an FHA loan they needed to lower the price 15k or we had to walk. They were understandably very upset and their agent challenged the appraisal and provided additional comps. It was reviewed, but the appraisal company did not change their value.

I wish you good luck though!!! 

Post # 4
Member
11325 posts
Sugar Beekeeper
  • Wedding: February 2011

Ugh that sucks! My parents are having a similar problem. They are trying to refinance and had an appraiser come out about 3 months ago. Well then the bank took too long and then said they needed another appraiser to come out because appraisals are only good for 30 days. So a new guy came out and rated their house at $40k less than the last guy! And same deal… not at all comparable to similar houses, got some key features wrong (like how many bathrooms, finished basement, etc). They are in the process of challenging now. What a PITA.

Post # 5
Member
7431 posts
Busy Beekeeper
  • Wedding: October 2009

Hmmm, I’m not sure if it would be better to challenge or just pay for a new one. Would it cost money to challenge it??

Post # 6
Member
13099 posts
Honey Beekeeper
  • Wedding: July 2010

My gut says that you’d be better off getting a second appraisal than trying to challenge this one.  Although there is no guarentee that a second would be any higher – it may truely be what the house is worth now unfortunately.  Sorry you’re having to deal with this.

Post # 7
Hostess
18644 posts
Honey Beekeeper
  • Wedding: June 2009

Wow that sucks.  I’m sure that you can challenge it or go with someone else but that doesn’t mean that the result will be what you want.  Unfortunately, home prices are still dropping.  We just got a notice saying that the price of our property has dropped almost $10k for real estate taxes and they don’t like to drop them much because it means a loss in revenue to them!

Post # 8
Member
764 posts
Busy bee
  • Wedding: September 2011

DEFINITELY CHALLENGE! Call a Realtor you know and ask them to do you a favor and pull comps. I do this for clients all the time.

Post # 9
Member
7431 posts
Busy Beekeeper
  • Wedding: October 2009

@MrsSaltWaterTaffy: Yeah, ours went down $30k!!!! Thankfully we are staying in our house and not planning to refy anytime soon, so it is actually a good thing since now our taxes will go down, even though our payment went up $75 a month. Makes no freaking sense….

Post # 11
Member
764 posts
Busy bee
  • Wedding: September 2011

@CanAmBride: A challenge shouldn’t cost you anything at all.

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