What Happens when you get a low appraisal and what to do about it


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Apr 26 2024 45 mins  

Guest: Danielle Evans, Gateway Appraisal Services

In this episode, we dive into the crucial steps to take when faced with a low appraisal. Joined by expert Danielle Evans from Gateway Appraisal Services, we discuss how to navigate this challenging situation effectively.

Key Topics Covered:

  • Understanding the type of appraisal report you have.
  • Reviewing the appraisal in detail and considering hiring an expert to interpret the report.
  • Identifying and addressing missing or incorrect information (common mistakes to look out for).
  • Gathering good comparables using the same parameters as the appraiser.
  • Requesting a reconsideration of value or a different type of appraisal.
  • Discussing the appraisal with your lender and exploring options.
  • Considering switching lenders if necessary.
  • Filing a complaint with a higher authority, such as the state appraisal board or a consumer protection agency, for serious concerns.

Tune in to learn how to handle low appraisals with confidence and make informed decisions in your property transactions.