Challenging an Appraisal

[Anonymous]

Anyone have experience with this?  From what I understand our lender wanted a second appraisal and it came in at $5,000 less than what we were approved to borrow.  So our broker challenged the appraisal.  He is optimistic but I couldn't find much info regarding this on the web.  I know the second appraiser is from a different state so they didn't actually go into the home.  I guess this would be the reason for the challenge.  Just wondering if anyone has any thoughts on this.

Thanks!

[ShanetheMortgageMan]

In order to challenge the value of an appraisal that the lender independently obtains, more information needs to be provided than what was on the appraisal report in question.  The lender chosen appraiser probably wasn't aware of any interior upgrades (if any) since they didn't go in, and that could be the basis of the challenge.  Since each situation is specific, your loan officer would have the best info as to what is being challenged, what new information is being provided, and what the exact procedure/time frame is.