With the market picking up and the recent influx of relatively inexperienced appraisers, buyers and sellers should keep in mind that they can formally appeal an appraisal that comes in lower than they expected, according to a Wall Street Journal story.
Though they have a slim chance of having actually working, the Journal reported, “rebuttal letters” from borrowers or loan originators that challenge a low appraisal, citing incomplete comps or an inexperienced or inadequate appraiser, are a way to save a deal from dying because a borrower might not have enough extra down payment cash to make up the difference between a contract price and an appraisal that comes in under it.
Source: Wall Street Journal
