Justice for bogus home appraisal

Melissa Zimmerman's picture
Home Appraisal

Several weeks ago ago I had the worst appraisal ever, coming back $40,000 under the offer to purchase. Questioning my abilities to accurately value homes, as well as the listing agents, I was just dumbfounded. I did the research, studied the comparables, and felt totally comfortable with the price my clients had offered. When the appraisal came back $40,000 under the offered price, I was stunned. How could I have gotten things so wrong?

The answers were right in the appraisal. Using comparables over a year and a half old, incorrect square footage, and other mistakes throughout, it was easy to see how the appraiser came up with his valuations. Upset that this appraisal was so poorly done, I requested an official review on behalf of my buyers. After a very fast appraisal review (like hours) the appraisal company said they reviewed , and refused to re-evaluate.

That answer did not sit well with me, my buyers, and the sellers. Why should one appraiser, who did less than a quality job, be able to ruin these families chances of having the home they wanted. I know you are wondering why as a buyers agent I wasn't thrilled with the evaluation. The reason is quite simply, it was not fair. I would be devastated if my sellers had their home de-valued by $20 a square foot, so it wasn't right or just for it to happen to these sellers.

Thank goodness I was working with a stellar sellers agent and we came to a decision with both buyers and sellers that was less than typical. We reached out to a new lender, and the seller agreed to pay for a new appraisal, all in the attempt of justice. Justice for not just our transaction, but for all the other home owners in the area. This is the only way to fight bogus appraisals, and keep the home sale alive.

Needless to say, two stressful weeks between the original appraisal and the new one, and success! To see and appraisal come back even higher than we had expected or hoped for gave all involved a sense of satisfaction and justice. Lesson learned, fight for what's right. For your client, and for your city. Unfair appraisals hurt everyone, not just your deal.

Melissa Zimmerman
Real Estate Agent / Huntersville, NC
Berkshire Hathaway HomeServices Carolinas Realty

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