VA highering appraisal?

[juggalo9er]

the home i am trying to purchase was appraised around 2 weeks ago and it appraised for 3500 under what i offered. the selling agent is challenging the appraisal through the va i guess? i was told that the VA has the ability to higher an appraisal by up to 10%. can anyone tell me how common this is or if it will even hapen?

[juggalo9er]

anyone?

[Asailorshort]

i'm unsure how common this is.  Anecdotally, VA appraisals are sometimes/often criticisedfor being low & difficult to work with.  However, $3500 isn't a ton of money either way.  If the seller can find  something that the appraiser missed, the appraisal could go up.  On the other hand, if the appraisal doesn't come up, you'd then be in a position to negotiate with the seller on the $3500 difference.  

[ezdriver]

If there is no flaw in the appraisal, nothing will be changed. It is up to the seller to identify any flaw(s) in the appraisal and produce the documentation to address it. Otherwise, I recommend that you sit tight and let the seller ficure out how they want to deal with the discrepancy between the appraised value and the contracted price.

[juggalo9er]

considering the home has been on the market almost a year, the price was lowered three times, and i have made the one and only offer on it....i think i am in pretty good shape

[StartingOver10]

Then go to your agent and tell them to have the seller reduce the price. Be prepared to walk away if the seller won't do it. Given the information in your last post, you seem to be in good shape.

Don't expect to get the appraisal increased - even with direct evidence of an error. I have been down this road and the higher the LTV, the more difficult it is to challenge an appraisal and get a satisfactory increase.

It is a relatively small amount. Your agent should be able to get it negotiated to the appraised value.