What Can I do if My Home Appraisal is Low?
The number of appraisal complaints have risen in recent years due to decreasing home values that began back in 2007 and continued after the Home Valuation Code of Conduct in 2009. Although the market is more stable, you can still get caught in a sticky situation if your appraisal comes in low. The job of an appraiser is to gather information, analyze it and make a report. A low appraisal may not be inaccurate, but it can prevent a lender from approving a loan for the home. An appraisal is a report of the value of a home compared with comparable properties in the surrounding area. Finding comparable properties can be tricky and cause a lower appraisal, especially if you are in a neighborhood with foreclosures or short sales. Another factor is that your neighborhood does not have a comparable home and they are forced to look at surrounding areas where market conditions are not the same. How to challenge a low appraisal The appraisal dictates the amount of money lenders ar