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Home appraised lower?

Our home appraised $10K lower than the offer. We'd like to get a second appraisal or push back. Our real estate agent says we should just accept the lower price. The appraiser isn't from this area and we feel like they didn't fairly appraise the house. What are our options? Can we contest the appraisal?
Asked By Dominic | San Francisco, CA | 421 views | Selling | 8 months ago
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Pro
107 Answers
Julianne Clark | Your Lowcountry Compass

Charter One Realty

(47)

When an appraisal comes in low -- the Buyers agent is usually notified by the appraiser of the situation. That agent usually notifies the Sellers agent. Together they try to find comparable sales that may help the appraise and justify the sale price. Once the report is submitted to the Buyers lender -- it is difficult to change. An appraisal is the value of the home at that time. If next week a house sells high or low -- the value may be adjusted. Talk with your agent and see what options there are to keep the sale moving forward. Keeping in mind, depending on the type of financing this Buyer is using -- the appraisal value can "stick" with the home for a few months. In other words -- any other Buyer using the same lending program, their appraisal will be the same valued amount.
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1 Answer
Irene Parks

Coldwell Banker Realty

(2)

The buyer paid for the appraisal so they would be the only one who could contest the appraisal and could not imagine any buyer wanting to pay more than what they were told the value was.

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Novice
7 Answers
Andrea Ballesteros

Colwell Banker Global Luxury

(92)

You can absolutely push back and get another appraisal. The problem is that a lender will not make an adjustment and the original appraiser will usually never go back on their original value. With that being said you can use the new appraisal as a tool to negotiate with the buyer to either keep your current price or meet in the middle.
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Novice
3 Answers
Xio Sandoval

C21 Realty Masters

(45)

In my opinion, as the Listing Agent, I would ask the Buyer's Agent to request a rebuttal given that the appraiser is not from the immediate area. Local expertise is crucial for all parties. Secondly, the $10K difference may easily be negotiable by splitting the middle between Seller and Buyer. Good luck
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Novice
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Dialine Booker

Fast Track Realty

(3)

Yes, you can get a second opinion if you do not like the original valuation of the appraiser. You can ask your lender for second opinion but lender may not offer one or accept the second appraisal. Overall you can challenge an appraisal.

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