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

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.