How do you go about challenging a low appraisal? While you might feel frustrated beyond belief, it’s important to not make an emotional argument, but rather share facts and market data in a systematic way to support your case. The following document is a format I developed for my investor clients who kept asking me what they can do to deal with bad appraisals.
Before launching into a rebuttal, you first ought to make sure to ask the lender what their process is for challening an appraisal so you know you are spending your time wisely. Additionally, read through some of my tips for challening a low appraisal.
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I hope this is helpful. Let me know if you have any questions.
UPDATE: I wrote a helpful piece on BiggerPockets.com about how to challenge a low appraisal. I included a downloadable format to use that evolves the format above just a bit. It’s free. Go get it HERE.