No. 5: ‘How to challenge that low appraisal’

5-price-reducedNumber five on our Top-10 most popular articles of 2012 is “How to challenge that low appraisal.”

Publish date: Feb. 17, 2012
Written by: Michele Lerner

Excerpt:

In the volatile real estate market of the past several years, prospective homebuyers and refinancers have encountered the same frustrating obstacle: a low appraisal.

Appraisal complaints have risen in recent years, particularly since home values began plummeting in 2007 and the Home Valuation Code of Conduct (HVCC) went into effect in May 2009. But the experts say this isn’t the first real estate cycle in which contract prices don’t often match an appraised value.

“Everyone needs to understand that real estate appraisers report the market, we don’t make the market,” says Sara Stephens, 2012 president of The Appraisal Institute and principal of Richard A. Stephens and Associates in Little Rock, Ark.”We gather information, analyze it and make a report.”

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