Forgotten Your Password?

Need to Register?

Question Icon

How do we go about disputing an appraisal report? There are a few items that are not matching with the tax records.

by jessica973 from Redvale, Colorado. Mar 15th 2016 Reply


Larry Gray (lgray_312_247)
#566 ranked lender in California - 1,127 contributions

The AMC has a system whereby your loan officer can provide evidence in requesting the appraisal be re-evaluated. Over the last few years I have been hitting 50-50 on getting the appraisal adjusted to something workable.Typically this involves finding comps. to send in to justify a higher value. What you are actually disputing in mentioning a few items that are not matching with the tax records, alludes me. Nonetheless, your loan rep. can submit the dispute and provide necessary documentation.

Mar 15th 2016
1
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

More info needed.. i'm going to assume that the value is not what you thought it would be, since this really would be the only reason you would dispute an appraisal. And you did not state what items you feel are not "matching".. Anyway, the appraiser uses the tax records, but he also uses a lot of other services and resources to help determine valuation.. but the largest impact on valuation is YOUR property features and characteristics, vs. comparable sold properties with similar features and characteristics. If you feel that the appraiser missed something, then there is a way to formally dispute the value.. It would involve you coming up with OTHER comparable sold properties that are in like condition with similar features and characteristics as yours, and they must be different then what the appraiser used, they must have closed within the past 3 to 6 months, and be within a reasonable distance from the subject property and typically must be in the same neighborhood.. Also understand that appraisers are human.. and no one likes to be told they did a bad job.. I mention this so you will understand that you will most likely get resistance.. most appraisers will not change their valuation unless they made an overly obvious mistake.. short of that, they probably wont change the number.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Mar 15th 2016
1
0
Melissa Stutes (MelissaStutes)
#28 ranked lender in Hawaii - 100 contributions

First, identify areas you believe to be incorrect (ie: location or view differences not accounted for, condition not reported accurately, comps are all short sales, no arms length transactions, missed significant feature on the subject property, etc.).For purchases, enlist the help of the real estate agents. Request a copy of the CMA they used to develop their listprice and no more than their top 5 comparables based on the criteria listed below. For refinances, ask your borrower for information about their neighborhood and ask if they believe anything in the report was misrepresented.Explain why you think your sales are superior to there recent sales. And...use FREE online resources (Redfin.com, Zillow.com, Trulia.com) in your market area. Your loan officer can gather this information and provide it to the AMC, with their written explanation, when requesting revisions or a reconsideration in the property valuation.Best of luck!!

Mar 16th 2016
0
0
Subscribe to our news feed.