HOW TO APPEAL YOUR APPRAISAL ASSESSMENT
You may have invested your time to search in your neighborhoods for a new home and luckily found one of your choice. Furthermore, you may have negotiated with the seller the purchase price of the home and therefore waiting for the approval of your mortgage so as to finish the deal. To your surprise, the lender fails to approve the loan because the appraisal undervalued your home. Of course, you may need to appeal your appraisal assessment. Here is how you can appeal for the mortgage appraisal.
- Get in touch with your lender
You first need to contact your lender and learn about the steps involved in their appeal process. You also need to inquire whether the appraisal was done by an automated valuation model or by an appraiser. The electronic appraisal method is faster and cheaper but on the contrary, is likely to bring forth results that are faulty. You may be required to pay for a certified appraiser to do the appraisal if the lender allows.
- Carefully study your appraisal
There might be errors in the appraisal if it was done by an appraiser. The appraiser might have recorded incorrect data about the house which makes the mortgage appraisal to be low. Point out any error you notice to the appraiser politely who should willingly change the inadvertence.
- Research the listed comparables
Comparables are the houses in your neighborhood that are similar to yours and have been sold in the recent past. There houses are used by the appraiser to determine the market price of your home. Observe any advantage your house possess over the listed comparables. Possibly your house might be having a bigger kitchen or redecorated recently. Any added advantage proves that your house is of higher value than the comparables.