Selling Highlands NC Real Estate, Can You Contest an Appraisal?
Meadows Mountain Realty, answering all of your Highlands NC real estate
A frequent question for those selling Highlands NC real estate is: can you contest an appraisal? In short, the answer is yes, you can contest a property appraisal, especially if you believe the valuation came in too low and doesn’t reflect the property’s true market value. Appraisals are professional opinions and can include errors or rely on outdated or inappropriate comparable sales. As the seller, you or your Highlands NC REALTOR can review the appraisal report for mistakes, such as incorrect square footage or overlooked upgrades.
Are there discrepancies with the process?
If you identify discrepancies or stronger comparable sales that weren’t used, you can submit a formal “reconsideration of value” to the buyer’s lender. This request should include supporting evidence, such as recent sales of similar homes in the Highlands NC area or documentation of renovations and improvements. The lender may ask the appraiser to reevaluate the report based on this new information.
Negotiation might be involved
Keep in mind, however, that appraisers rarely change their valuation significantly unless clear errors are found. If the buyer’s financing depends on a higher appraisal, you may need to negotiate. This could mean lowering the price, the buyer increasing their down payment, or both parties meeting in the middle. Negotiating will be necessary to keep the sale of your Highlands NC property on track.
Learn more about selling Highlands NC real estate
Contact our Berkshire Hathaway HomeServices Meadows Mountain Realty team today to learn more about selling a property in Highlands NC. We welcome the opportunity to update you on the market while sharing a complimentary listing presentation at the same time. Let our knowledge and experience serve as your guide to selling Highlands NC real estate.
Click here to read “How Do You Challenge An Appraisal?” from Realty Times.