In my previous post I ran thorough what I feel is a solid strategy in avoiding low property appraisals. Today I want to cover a few more and also give some insight on what to do if you get an appraisal that you feel is too low (commonly occurs when Appraisers use outdated real estate comps).
- Keep records of repairs and upgrades, including costs. Take “before” and “after” photographs. Create an organized journal with a listing of expenses and include pictures to show to the appraiser during the appraisal appointment. Stage your home for the appraiser like you do for buyers.
- Take advantage of your access to your InvestorCompsOnline account to secure your own property comparables to make sure the appraiser uses complete information.
If your appraisal comes in too low
- Ask for another appraisal.
- Protest the appraisal with documentation of your upgraded expenses.
When you sell or buy real estate, remember that the certified appraisal is just one person’s opinion of the value of your home. The opinion that counts for you is the buyer’s: you want to be sure the buyer values your home above all others. I hope these tips will be useful and help you get a proper appraisal when you need to close a deal.