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Your Rights In the Wake County Home Appraisal Process

Fight for Your Appraisal RightsIn the final installment of this series in how to understand and navigate the appraisal process, we’ll explore the most important piece of it all: your rights. “What are my rights in the appraisal process….” is one of the most asked questions that I field from my Wake County home buyers and it’s something that every home buyer needs to be aware of.

I’ve mentioned time and again that although appraisers are held to a very high standard and are accountable for the figures that they produce on an appraisal, they are still human and an appraisal is still an opinion of value. Because of these two factors, sometimes an appraisal will come in too low to meet the loan requirements.

When that happens, knowing what your next steps should be will save you a ton of stress and worry.

An Error Could Cost You The Loan

Because it’s the bank’s goal to limit their loan risk and exposure by requiring the appraisal, the result is that the appraisal must meet the agreed upon price and be justified. If this isn’t accomplished, the underwriter will not allow the loan to proceed. This can be disastrous at this point in the buying process.

An appraisal that comes back too low could be due to errors made in measurements, typos in data entry, use of incorrect comps, or simply a difference in the appraiser’s opinion of your property. The latter can be swayed a bit by making sure your home is staged well before the appraisal is to take place. So it’s always best to first control the easier variables such as making sure the property is clean and appealing to the appraiser.

Once you’ve done all that you can, it’s time for the appraiser to do their job. In doing so, if an error (or several) is made, the results can be an appraisal that fails to meet the bank’s requirements. This becomes a brick wall in the loan process and can cause you a ton of heartache.

Your Recourse When a Wake County Home Appraisal Mistake is Made

The good news is that you’re not without recourse when this happens. You have certain rights as laid out in Part 1 of this series, and you should do your best to work with the appraiser and bank to get beyond this part of the process.

A reputable appraiser will almost always reach out to the listing agent for assistance if the value is coming in too low. This is because the listing agent knows the property in and out whereas the appraiser mostly knows it only from the exterior. They can begin comparing measurements and amenities to see if something went wrong. Appraisers for my listings reach out to me routinely for this type of assistance and I’m so glad that they do.

When they don’t, it may be time to step in the ring. Be sure to be respectful of the appraiser when exercising your rights because no one’s perfect. There should be a mutual goal of all to move forward in the loan process. Most appraisers are happy to work with you to bring up a value.

The Fight Shouldn’t Be Yours Alone as a Wake County Home Buyer

When it comes to challenging an appraisal and knowing how to work through the steps that occur afterwards, one misstep could cost you a great loan. The best thing you can do for yourself is secure a skillful Triangle area agent who is very experienced in both home buying and home selling in the Greater Triangle Area.

Having an agent with the power of an established brand and work ethic goes a long way in making sure the entire process is efficient and worry free. Should something go wrong, Linda Craft & Team is here to fight for you to make sure it’s made right. Our goal is for you to reach yours. Feel free to search the thousands of listings on our site and when you’re ready to claim your new home, let us know and we’ll help you get there.

Have a great day!

Linda

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