Questions to Ask When Facing a Lower Than Expected Appraisal
Do you think your home appraisal is too low? Many people find that they are not getting the value for their homes that they deserve. This blog post will teach you how to challenge a low home appraisal and get the price of your house increased.
There are a few ways that you can challenge your home appraisal. You may want to start talking to the appraiser who did the inspection and discussing any significant discrepancies in their evaluation of your home’s worth. Suppose they refuse or offer no explanation as to why there is such a discrepancy. In that case, you should contact an experienced realtor or a property management company to assist you. They will likely be able to get you a fair offer with little trouble. Call Oak City Properties if you need assistance in dealing with a low appraisal. We know the home appraisal world well and can help you get the highest possible home appraisal value for your home.
Call the Appraiser and Ask
If talking doesn’t work, it’s time to go into battle armed with all the information you need about your house and why it is worth more than the appraisal amount. It would be best if you had an expert come in to inspect your home and compare it to the model used for the appraisal.
Get the Comps
Are there any other houses in your neighborhood with similar features? If so, then use their appraised value as a guideline on what you should be expecting for yours. This is also an excellent time to look at recent sales of comparable homes and see if they sell above or below market value. An experienced realtor or property management company like Oak City Properties can help examine the comps for your local real estate market. Our team of real estate professionals can help you every step of the way. Selling your home is easier than you think, especially if you have an experienced team on your side.
You should find out if some upgrades or alterations were excluded from the appraisal. An appraiser will generally consider any updates made to your home, but they may have overlooked something that wasn’t readily apparent when they inspected it. It is possible that you are eligible for a higher value than what was estimated by the home appraisal report.
Get a Second Opinion
If you still feel like your appraisal is unreasonably low, a certified appraiser can review the report and provide an independent opinion. This professional will consider any upgrades or changes that might not have been taken into account by the initial appraiser to give a more accurate estimate of what your home could be worth in today’s real estate market.
With a second opinion, it is possible that you are eligible for a higher value of your home. Oak City Properties has provided many second opinion appraisals for homeowners with lower-than-expected appraisals.
Be Patient with Your Home Appraisal Report
The first appraisal report can take up to 30 days to review before they provide an estimate on what your home might sell at today’s market. Even though these estimates can vary a great deal, it is important to be patient.
The second appraiser may find something that the original appraiser did not consider in your first report. With this information, they can provide a more accurate estimate of what your home will sell for in today’s market.
Once the appraiser submits their report and the review is complete, you will receive a copy of the report and an explanation as to why the value is higher or lower than anticipated. If there are disagreements with the home value, this is your chance to make your case.
As long as there is another comparable property on the market in your location, appraised more recently than yours was, it’s worth asking the appraiser to review that report to aid in their decision about the value of your home.
If you still have questions about the report, it’s worth speaking to a qualified agent in your area who is experienced with home appraisals– preferably one that used to be a home appraiser. Oak City Properties has a team of experienced property managers who have home appraisal backgrounds. We can help you find the true value of your home and make sure you receive an accurate home appraisal that considers all upgrades and improvements to your home.
Consider Hiring a Property Management Company
Property management companies are multifaceted in their approach to the sale and purchase of a property. A property manager often is a Jack (or Jackie) of all trades in the real estate industry. Property managers at Oak City Properties are familiar with every facet and role of the real estate industry, including home appraisal.
At Oak City Properties, we have been helping those in the Raleigh area purchase and sell homes for years! Whether you are a family trying to sell your home or a landlord wanting to downsize your rental portfolio, our full-service property management company is here to help.
Want to read more? Take a look at the following blogs about property management services.