Can you increase the appraised value of a property?
In general you do not have much control over the appraised value
of a property. The appraiser is assumed to be neutral, objective
and capable of providing an unbiased valuation of the property.
Here are some things you can do in the event you believe the
appraised property value is too low:
- Review the comparable sales used by your appraiser:
Drive by the comparable sales shown in your appraisal and
compare them to yours. Contact your RealtorŽ and get their
opinion. You might be able to find sales the appraiser missed.
There might be pending sales which will soon close. When pending
sales close, they might influence the appraised value of your
property.
- Check the measurements of your home:
Double check the accuracy of the appraisal report regarding
square footage, lot size, number of bedroom/bathrooms, etc.
- Find out if any of the comparable sales were sold under
distress:
A foreclosure or distress sale in your neighborhood can effect
values. If you have evidence that a comparable sale was a
distress sale, you might be able to get the appraiser to ignore
that sale, or adjust your appraised value accordingly.
- Get another appraiser:
Consider getting a second opinion--a new appraisal by a
different appraiser. In this event, make sure you get an
appraiser who is familiar with the neighborhood.
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