A. In a rapid market like the one we are experiencing, it is not uncommon for the banks to appraise a property below the agreed price. Appraisers rely on certain “approved” information for their forms to arrive at a price.
If you are working with a real estate agent, ask him or her to review the appraisal to see if they can dispute any of the information using their own resources. I have been successful in getting appraisers to modify the appraisal if only partially, by using my own experience and knowledge to refute their information.
The problem is that appraisers have to use the information available to them and don’t have the day-to-day experience that we real estate agents have. If you are not successful in changing the appraisal, you do have several other options.
First, you can pay for a new appraisal. There is no guarantee that this will help, but if it is a different appraiser, you might receive a different result. The other option it to negotiate a deal where the buyer puts up more cash while you slightly lower the selling price.
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