How to dispute a home appraisal may not be general knowledge, but there are people who can help. If you have recently received a low-ball offer from an appraiser, it may interest you to know how to fight the estimate and actually win. There are a lot of theories about how you can gain multiple offers, accept only the most accurate values, and get the type of income you deserve from selling your home. But, which ideas actually deliver the offer?
Details are everything in the world of real estate, but as a homeowner, you may not be prepared on your own to appraise the house. However, the team at Jeff Barchi is here to take calls and meet with you in person to discuss how to fight a low appraisal and win.
How to Fight an Insulting Appraisal and Win
Use these five tips to regain your composure after receiving an insultingly low appraisal offer. Then, consider working with a team of professionals to increase the value offers on your home.
Dig up Dirt
When talking to a listing agent, you will need to learn how they came up with the number they did during the appraisal. You may need to go online and dig up background information on comparative home sales.
The Multiple Listing Service or MLS data sheet should provide monetary values of active homes, sold listings, current market trends, and more. In knowing the information yourself, it is much easier to know if the appraisal you have received is accurate or just a low ball.
Obtain a Report
This may include something called a Home Inspection Report, which provides details on structural aspects, roofing and exterior pieces, HVAC, plumbing and electrical, interior structures like staircases, safety features, mechanisms, insulation, ventilation, and other aspects, to make sure the home is not only safe but also completely functional. You can use this report to compare with an appraisers checklist if you need to do a side-by-side comparison.
A sample of homes that closed within a 90-day period of the contract and within one mile of your home is ideal. Use the data from these chosen homes to compare the pace of closings in your area, along with pending sales reports not shown on the MLS.
A realtor can help you dig this information up with records they are able to access. How to dispute a home appraisal hinges on this type of comparative analysis, so acquiring all of the necessary reports is the first step to gaining a higher appraisal value.
Question the Appraiser
One of the most common reasons an offer comes in low is because the appraiser is inexperienced. If you feel like the value is offensive, find out more with questions including:
- What is the average time of home sales in this neighborhood?
- Are there any price or value trends of homes in the neighborhood?
- What are the common property condition and construction quality?
- What is the most common square footage of homes in this area?
- Are there any zoning restrictions?
- Is there a unique home value?
- Is there a shortage of homes or any supply and demand trends?
Call an Agent
Successfully rebutting a low appraisal isn’t always easy. Never assume that you need to tackle the job alone, and always use any resource you can find. This list of tips, along with a qualified agent, will take you through the process of selling your home, starting with an accurate home inspection, and ending with an offer you can smile about.
A negative home inspection can leave you feeling like the value estimate of your property is too low. Learning how to fight a low appraisal and win is much easier with a little help from someone at the offices of Jeff Barchi. Whether in person or over the phone, you can learn more about how to gain a fair or even generous offer for your home. So, call today!