Low Appraisal – Ideas and Tips
Posted January 3rd, 2017
Have you ever received a low appraisal? It doesn’t happen very often, but many people would be surprised to find out they’ve gotten one. So what exactly do you do if you find yourself in this situation?
One Appraisal, Or Two?
Question it! It’s totally normal to be skeptical about the appraisal you receive – within reason. A low appraisal might be from the choice of comparables (like houses that have sold), or it could be from the property itself (such as if renovations are needed). After reviewing your documents with your appraiser, you are more than welcome to have that appraiser or another in the group, if they belong to one, do a second one. You can also get a second outside appraisal but keep in mind that some of these costs will be on you.
As mentioned before, the house could need some repairs, substantial or not. Speak with your appraiser and a contractor to see what, if any, renovations might benefit the overall value of the house. Some of these renovations may be simple, and others may be quite complicated so make sure you plan appropriate and get all the clearance you might need before starting.
Sometimes you’ve done all you can do in pursuing the value you think is suitable for your home and still haven’t reached it. If that’s the case, you’ll want to consider your options carefully. You can wait and sell your home at a different time getting a new appraisal with various comparables, or you can simply settle and try to recoup the losses in other ways. You never know, losing some money on the perceived value of the house could mean getting another home quickly in the same situation. Not every loss is a complete one so keep an open mind.
For all of your appraisal needs, call or come in to schedule an appointment with R.E. Appraisals to see what we can do for you. Our quality speaks for itself, and we are always here to help you!