Value too Low? Order Multiple Appraisals!
Appraised value is not as high as the agreed (contract) price get multiple appraisals
An article titled 4 Ways to Deal If Your Appraisal Comes in Low with incorrect info has been making the rounds. This is the second time I’ve seen it in different publications.
In it, Diane Saatchi, a senior broker with Saunders & Associates in Bridgehampton, NY, is quoted:
“Order a second appraisal
Most often, if the appraised value is not as high as the agreed (contract) price, the seller’s agent will ask to see the comps and get a second or third appraisal,” Saatchi says.
But it will likely cost you — you’re not only paying for the first appraisal (in your closing costs), but you’ll pony up for any additional appraisals as well. They can range between a few hundred dollars and $1,000 depending on the area. Occasionally, real estate agents or sellers will foot the bill if they really want to keep the sale.”
Perhaps some of you would like to send Ms. Saatchi a nice, warm, respectful Christmas greeting with marshmallows, dosed with liberal amounts of cayenne pepper… and mention that ‘ordering multiple appraisals’ is not permitted (if it’s a mortgage lending assignment). Hasn’t been for years.
Here’s the contact e-mail (make sure your Subject line says ‘Message for Diane Saatchi’): i…@saunders.com.