This is a tool by which you can “argue” the value of your appraisal with the bank while in the process of a refinance or purchase. Keep an eye on the comps (here it comes, an unabashed plug for this site) and be sure to stay tuned in for listing searches and monthly sales data. This way if you run into a low appraisal, you might be able to fight it with an Appraisal Rebuttal and have the appraised value raised.
I will do an article on appraisals in the near future and go into more detail, but just know that in a great many instances, appraisers do not know the inventory as well as they should. If you can support your home’s value with honest to goodness and recent closed sales, then you have a great shot at having that appraisal value changed. The trick is being able to intelligently argue how your house is superior to the comps used by the appraiser and/or that the appraiser omitted comps that should have been used. Better appraisals through better comps will happen organically over time, but who knows how long these great low interest rates will last, so be proactive and try to refinance now if you can.
Check in periodically for your all important appraisal rebuttal tools, sales and other great information. You can also contact me for a referral to a banker who can help you with your refinancing or purchase needs.
4 Malibu Real Estate Partner Realtor