When a buyer or seller and an appraiser disagree about how much a piece of property is worth, this is called a property appraisal disagreement. This argument can be annoying and expensive for both sides, but there are ways to deal with it.
Steps to Handle a Property Appraisal Disagreement
Here are some things you can do if you disagree about how much a property is worth:
Review the Appraisal Report
The first thing to do when there is a disagreement about a property appraisal is to carefully read the appraisal report. Look for mistakes or things that the appraiser forgot to mention that could have changed how much the property is worth.
Get a Second Opinion
You might want to ask another appraiser for their opinion. Look for an appraiser who knows the local market and has worked with properties like yours before.
Negotiate with the Other Party
If you don’t agree with someone, like a buyer or seller, you might want to try negotiating with them to find a solution. You might be able to find a solution that works for both sides.
File an Appraisal Rebuttal
If you can’t work out the problem by talking, you might want to file an appraisal rebuttal. This is a written statement that explains what you don’t like about the appraisal report and gives more information to back up how you think the property should be valued.
In the end, a disagreement about the value of a property can be frustrating and expensive, but there are ways to deal with it. Review the appraisal report carefully, get a second opinion, negotiate with the other party, and, if necessary, file an appraisal rebuttal. By doing these things, you can be sure to get a fair price for the property and make decisions based on the facts. If you have any more questions about the disagreement over the value of a property, please don’t hesitate to get in touch with us.