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home appraisal

By Terry Savage on July 21, 2019 | Housing / Real Estate

my home was just appraised at 25,000.00 less than it was a year ago. So who is right? The first appraiser or the second one? No major changes in this time period except the floor redone. What recourse do we have against appraisers? Why should I have to pay another $500.00 for another appraisal . Shouldn’t he have to split the cost to prove his point?

Terry Says

Well, first WHY did you have the home appraised? Were you considering a mortgage refinance? Was it for insurance purposes? Are you planning to list it?  Different reasons could account for different appraisals. For example, a realtor might want you to be more reasonable on a listing price.  If a bank or mortgage lender really wants to justify a loan, they might hire an appraiser who they know is generous.  Or there  could be a reason outside your home — perhaps a changing neighborhood, or foreclosures down the block.

Depending on the reason, you might have a second appraisal done immediately and if there is a significant difference, you could average them — or ask a lender to discard a lowball appraisal.

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