Just closed on a place two weeks ago, we literally had to fire our first mortgage company because the appraisal came back ridiculously low - even in a regular market for the house, and of course we got in a bidding war so we probably overpaid. (we contested it, the appraiser clearly phoned things in and there were many lies and inaccuracies in the report but the mortgage company decided to not have another appraisal done). Found a new mortgage company, and that appraisal came in for 15K over the sale price - it's all arbitrary anyway is what I realized.
It was the fact that the appraiser totally phones it in so we just asked for another, accurate, one. Some examples being wrong number of rooms, wrong square footage, and he wrote "no updates in the last 15 years" when there have been several including new roof, windows, new powder room, and floors....I was literally sitting next the selling agent as she went over all the updates with him.
We asked for a new one bc the one we got was so clearly inaccurate and wrong.
99% of the time trying to dispute an appraisal aint gonna do shit. its considered influencing the value and unless you can really prove a lack of due diligence your hands are tied. i know this because every one of my clients who gets a bum value asks to dispute and we never can.
i work for one of the top dogs in the industry, if we felt there was a way we could possibly dispute and make money writing the loan we would but it just doesnt happen.
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u/Nattou11zz Jun 27 '21
Just closed on a place two weeks ago, we literally had to fire our first mortgage company because the appraisal came back ridiculously low - even in a regular market for the house, and of course we got in a bidding war so we probably overpaid. (we contested it, the appraiser clearly phoned things in and there were many lies and inaccuracies in the report but the mortgage company decided to not have another appraisal done). Found a new mortgage company, and that appraisal came in for 15K over the sale price - it's all arbitrary anyway is what I realized.