Your appraisal is the dollar value assigned to your home by a real estate professional. It alone determines the value of your property and what others are willing to pay. Or does it? According to TexasLending.com, the appraisal is not necessarily a fixed number and it is possible to successfully dispute a lowball estimate. Here’s how:
Investigate every detail.
If you’re not happy with the value the appraiser has noted, TexasLending.com experts suggest taking the time to study his or her notes meticulously. Separate the appraisal into two distinct categories: the home’s determined value and the data that value was based upon. Look at every detail and check for errors. Appraisers are, after all, human, and may miss something in their review.
Call your lender and ask to appeal the value.
After you’ve looked everything over and determined that mistakes were made, call your mortgage lender and ask if they are willing to reevaluate the appraisal. TexasLending.com mortgage lenders report that this is a common practice and one that can help you get the most out of your biggest investment.
Offer updated comparison properties.
The real estate market is ever-changing and home values can vary from one week to the next, TexasLending.com representatives point out. In some areas, homes stay on the market for less than a month, meaning the appraisal can very quickly become out-of-date. If the appraisal is more than a few weeks old, contact your real estate agent for a list of recently sold comparable properties.
Point out upgrades and improvements.
Chances are, you will be home during the appraisal process. Make sure your appraiser is aware of any features that add value to the property, such as a non-connecting easement to recreational water access, upgraded windows, or new roof.
For more information about real estate financing services for Dallas and surrounding areas, visit TexasLending.com.
4100 Alpha Rd
Dallas, TX 75244