Although you may have not experienced this for some time, you could get the call in the near future?. It's that dreaded call from the lender and he/she informs you that the appraisal estimate is lower than your sales price. Now what? You found a buyer you put this whole deal together it's hanging on a thread and now it is going to all blow up in your face!!
Do not do the following:
Do not panic (easy for me to say)
Do not get emotional
Do not threaten the appraiser and ask for their supervisor or boss!
Do not call the Appraiser and sarcastically ask them how long they have been doing this!
Do not supply the Appraiser with misleading sales outside of your market area to support your sales price
Do not ask them if they wear glasses (when they say no) you offer to buy them a pair.
Appraisers make mistakes from time to time and no one likes to have it rubbed in your face especially an Appraiser. Focus on the facts and find out what comps were used. If your working with a lender with staff appraisers it could be a rookies first report. It could also be an out of area Appraiser unfamiliar with your neighborhood and key characteristics that impact value. Do a little investigative research into the appraisers background by talking to your mortgage broker.
A few Mortgage brokers do a poor job in selecting appraisers. The only thing they ask of the appraiser when hiring them is " can you hit the number, how fast can you get the appraisal back to me and how much do you charge? Rarely is the question asked "how experienced are you" This could eliminate many of the problems with appraisals that can impact your transaction. It does not always have to do with value either. In the past, many new people flooded are industry and were taught to simply fill out a form, in this market you need experienced appraiser's who bring more to the table and who will act in the best interest of those that matter "your clients"
If an Appraiser asks you for data. DO NOT SAY THAT IS NOT MY JOB THAT IS YOUR JOB! The only time an experienced appraiser will ask you for information is when they have no other data available to support the sales price. You may have that missing piece or data that the appraiser is unaware of or is not available to them. So provide them with information to help if asked, it only benefits you in the long run!
Any argument about the value you make to an appraiser must be supported with data not emotion. "I have been working this area for years" or other similar statements will not sway the Appraiser.
The Appraiser must be able to support their estimate or conclusions with data not hearsay or opinions based on experience. With the recent emphasis on stamping out mortgage fraud the appraiser does not want to be unwittingly accused of contributing to this problem. Your professional conduct and factual, unemotional data to support your position will earn the appraiser's respect. Any other argument without support will go in one ear and out the other. The appraisers are not always right and if approached with the facts that support another value conclusion they should be able to change their final value estimate to reflect the additional data provided to support it.
If the appraiser is right, lick your wounds and understand it is not their fault. Do not shoot the messenger they are just doing their job. You may want to learn from this experience and make sure you revisit the manner in which you arrived at your list and sales price. Sometimes not doing your homework or pushing the upper limits can come back to bite you.
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