Home appraisals are a mandatory part of the home buying and selling process that allow lenders to determine a home’s “official” value. Unfortunately, an appraiser may find that your home’s value is less than what you expected it to be. In fact, according to Quicken Loans Home Price Perception Index, appraiser value and homeowners’ perception of value often differ by a few percentage points.

The good news? You are able to appeal the appraised value if one of the following situations occurs, according to

1. When the appraiser doesn’t know the local area

When an appraiser is unfamiliar with your neighborhood, he or she may rely more heavily on data from public records to reach your home’s final valuation. If you feel this to be the case, notify your lender as soon as possible.

2. When the appraiser uses outdated “comps”

This happens frequently because local home sales aren’t immediately reported to the public record. A real estate agent can help you find the most recent comparable (comps) sales, or if you’re aware of a recent sale, notify your lender.

3. When the appraiser omits home improvements

If an appraiser omits key home improvements you’ve made, it’s usually because they aren’t aware of these updates. The easiest solution is to be on-site with the appraiser, then review the appraisal when it’s completed.

4. When the appraiser makes a mistake

Always review your home appraisal for errors, such as incorrect information about the square footage, or the number of bedrooms and bathrooms; or omitted features, such as fireplaces and patios. Be prepared to show evidence of the mistake when you make your appeal.

A Certified Residential Specialist can help you spot these kinds of situations easily. CRS agents are well-versed on the appraisal process, know the ins-and-outs of the market and can advocate for you and the value of your home.

When selling a home, you need someone you can trust by your side, who is looking out for your best interests and is willing to put all their knowledge and experience to work for you. You don’t just need a real estate agent, you need a CRS.

If you are a buyer or seller, find a CRS Agent near you today:

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