Orlando Real Estate News

What can be done if a home appraisal comes in dramatically lower than the agreed-upon sale price?

Lenders will consider an appeal, but sellers must provide them with evidence.

Start by examining the appraisal carefully for errors. If the appraiser missed one of the bathrooms, miscalculated the square footage, or didn't note the garage, the seller has grounds for an appeal.

Look at the comparables: Is the home used as a comparison in a different and more challenged school district? Is the comparable next door to something undesirable? If possible, pull some more realistic comps.

Source: The Wall Street Journal, James R. Hagerty (06/09/2009)

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