What if you disagree with your home appraisal?

Do you have to accept the appraiser’s findings without questioning them?

You can question the appraisal; you can appeal the appraisal.

The appeal process goes through the appraisal management company. You have to provide data in order to appeal. For example, if there are comparable sales (“comps”) that were not in the appraisal report, you can submit them for review. Remember, the appraiser will only consider comps up to the date of the appraisal. If they closed after the date of the report, they will not be considered. You can also question the measurement of the square footage if there is a discrepancy; casitas are not included in the square footage.

This information is given to the appraisal management company, who typically shares it with the appraiser. The appraiser then comments on the data, and these comments are reviewed by the appraisal management company. The appraisal report is amended with the appraiser’s comments and then delivered to the lender and borrower.

In many instances, the appraiser will not adjust the opinion of value, but will comment on the data that was provided. However, there are some instances where information is provided that the appraiser did not consider and it can affect value.

So, if you have an unfavorable appraisal, do your homework and appeal it.

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