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My husband and I are in the process of buying a home. We found a home and made an offer for 205k they accepted. This home is bank owned. An appraiser came in after we payed to have a home inspection. He appraised the home to be worth 177k. now we cant get the home because we dont have 28k cash. We know for a fact that the same homes in the area that have sold recently are worth around 190k and are dumps and this home is newer and very nice. What can I do? because i think the appraiser is making a false appraisal.

chrisgummerson · Posted: Fri Dec 30, 2011 11:59 am Post subject:

Appraisals are completly opionated. Each one may vary by a certain degree. If you are confident that there are comparables that justify a higher appraised value, that are close to the subject, comparable, and sold within last few months, then you should document those comps and send a rebuttal to the appraiser for review. If the value is supportive, then the appraiser should make adjustments. Other wise, most lenders will not allow you to get a second appraisal. So if the appraiser does not work with you, your only option would be to go to another lender. Good luck!

adonis · Posted: Fri Dec 30, 2011 8:25 pm Post subject:

Hi bojawilk,

I completely agree with the opinion of Chris. Every appraiser will have his/her own opinion about the value of the property. If you feel that something is wrong, then you can definitely ask for a rebuttal to the appraiser for review. In case, the appraisal comes back the same for the second time, contact some other lender for your loan.

Posted: Sat Dec 31, 2011 5:13 pm Post subject:

>>now we cant get the home because we dont have 28k cash

You have 3 options:

1 - do as Chris said, rebuttal the appraisal (work with your Loan Officer for that)

2 - get another appraisal

3- Have the seller reduce the selling price.

tomburris · Posted: Sun Jan 01, 2012 7:39 pm Post subject:

you can sue anyone.....

but you will likely lose. as an appraisal is one person's 'opinion'

alvinajohn · Joined: 25 Dec 2011 Posts: 38 7.96 Dollars($)

bojawilk i experienced same situation recently. where i thought the appraiser is giving a low appraisal but after meeting another my doubt was washed. why you want to sue? just change your appraiser if you are uncomfortable!

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