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Is it worth it to get a reassessment if I didn't agree with the appraisal of my house?

by shereenl897928746 from Torrance, California. Mar 13th 2015 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Well,,,, in the real world, it's probably not going to have much affect.. but there is a formal process you can go through to dispute a valuation, typically, this involves you providing other comparable properties that the appraiser did not use in his report. Understand that adjustments are made, up or down, to account for property characteristics that are different from the subject property vs. the comparable sold property.. Guidelines have maximum percentages of adjustments allowed.. so you cannot compare a 5000 Sf home against a 2500 Sf home and make an adjustment.. typically, 10% for any given adjustment, and 25% maximum, but every lender is different as to what they will accept regardless of the guidelines. There are many other guidelines in place for comparison purposes.. so if you have a low value, ask your loan officer to explain why the number is what it is, and ask him if after seeing the report, does he agree with the number, and if not, they why.. and ask him if it's worth disputing the valuation.. 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

Mar 13th 2015
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,247 contributions

Depends on whether you are referring to the value given by an appraiser for a mortgage or the assessment by your local tax authority. It's usually pretty difficult to challenge the appraisal for a mortgage unless you can document errors in it or other obvious comparable home sales were not considered.

Mar 13th 2015
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