How To Dispute A Low Home Appraisal?

A low home appraisal can derail a sale, reduce refinancing options, or increase property taxes but homeowners successfully challenge 15-20% of disputed appraisals. The dispute process involves reviewing the appraisal report for errors, gathering evidence of comparable sales and improvements, and formally requesting reconsideration within 5-10 business days. Understanding your rights and the proper procedures […]

When Should You Get A Home Appraisal?

While home appraisals are typically required for mortgage approval, homeowners need appraisals in several other critical situations: challenging property tax assessments (potentially saving $500-$3,000 annually), settling estates, dividing assets in divorce, removing PMI early (saving $50-$200 monthly), refinancing for better rates, and setting competitive listing prices when selling. Key Situations Requiring Home Appraisals: Cost vs. […]

15 Key Influencers Shaping Your Home’s Appraisal Worth

Home appraisal values are determined by 15 key factors, with location, square footage, and recent comparable sales having the most significant impact. potentially affecting value by 10-25%. Other crucial factors include the number of bedrooms/bathrooms, structural condition, recent renovations, curb appeal, and current market conditions. Understanding these factors can help homeowners maximize their property value […]

What To Do When Your Home Appraisal Is Lower Than Expected?

Quick Answer: When a home appraisal comes in low, you have 6 main options: request a second appraisal, negotiate a lower price, pay the difference in cash, appeal the appraisal for errors, use your appraisal contingency to exit, or walk away from the deal. Success rates vary: price negotiations work 40-60% of the time, while […]

What Exactly Does An Appraiser Look For?

Quick Answer: Home appraisers evaluate both interior and exterior elements including square footage, room count, property condition, recent upgrades, and comparable sales. The inspection takes 30-60 minutes. Key areas inspected include foundation, roof, HVAC systems, plumbing, electrical, and overall maintenance. Appraisers also consider location factors like noise levels and neighborhood appeal. Exterior Inspection Checklist: Interior […]

Inflated Estimate of Property Value

Over-inflated loan appraisals happen when a property is valued 10-30% above its true market worth, potentially costing buyers $15,000-$45,000 in overpayment on a typical home purchase. These inflated valuations often result from mortgage fraud, appraiser pressure to facilitate deals, or property flipping schemes where homes are quickly resold at artificially high prices. To protect yourself […]