Industry News

Experts offer tips on appealing a low appraisal

When working with appraisers, it's best to get it right the first time around

It's easier to work with an appraiser to make sure all the relevant information about a house and its market are included in a valuation than to challenge an appraisal after the fact. But agents and brokers faced with deal-breaking low appraisals can mount a successful challenge -- if they understand the valuation process and know what information to bring to the table. That was the message for real estate professionals at a panel discussion, "The Low Appraisal: Recourses and Remedies," at the National Association of Realtors convention in New Orleans. "Anytime values do not meet expectations, someone's going to be unhappy," said Melanie McLane, a Pennsylvania-based Realtor, licensed appraiser and real estate instructor. "That's sort of the nature of the real estate business -- anytime clients' expectations are not met, they're unhappy." But if you're going to make an appeal, McLane said, "You can't just say, 'I don't like what you did.' You've got to have some market data to supp...