Help! The appriasal came back too low
by Jacques Ambron
Jul 11, 2017 | 1889 views | 0 0 comments | 203 203 recommendations | email to a friend | print
Jacques Ambron has been a real estate broker for over 30 years. He owns and manages Madeleine Realty in Forest Hills (madeleinerealty.com).
Jacques Ambron has been a real estate broker for over 30 years. He owns and manages Madeleine Realty in Forest Hills (madeleinerealty.com).
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Q. I just heard from my buyer that his appraisal came in below the agreed value. What happens now?

A. In a rapid market like the one we are experiencing, it is not uncommon for the banks to appraise a property below the agreed price. Appraisers rely on certain “approved” information for their forms to arrive at a price.

If you are working with a real estate agent, ask him or her to review the appraisal to see if they can dispute any of the information using their own resources. I have been successful in getting appraisers to modify the appraisal if only partially, by using my own experience and knowledge to refute their information.

The problem is that appraisers have to use the information available to them and don’t have the day-to-day experience that we real estate agents have. If you are not successful in changing the appraisal, you do have several other options.

First, you can pay for a new appraisal. There is no guarantee that this will help, but if it is a different appraiser, you might receive a different result. The other option it to negotiate a deal where the buyer puts up more cash while you slightly lower the selling price.

Send your real estate-related questions to jacques@madeleinerealty.com.

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