Getting a Second Opinion on a Home Appraisal

Have you recently had a home appraisal carried out and been dissatisfied with the results? Perhaps you were under the impression that your home was worth more than the figure outlined in the appraisal? Or maybe you believe an appraisal on a home you are interested in purchasing does not reflect the true market value?

If any of these situations apply to you, you need to get a second opinion. It is worth getting a second opinion on an appraisal you are not happy with for peace of mind. It can also confirm that the first appraisal is accurate or satisfy you that your second appraisal is a better reflection of a home's value.

One of the most common complaints about home appraisals is when they are too low. In a market where property prices are falling, buyers have an advantage over sellers. One of the main fears many sellers have is that the appraisal on their home is too low due to lack of demand.

There are many reasons why you may receive a low appraisal on your home. Remember that an appraisal relies on the market and being able to compare your home's value against other homes in your local area. If other homes have been subject to foreclosure or have been sold off cheaply for various reasons, this will impact on your appraisal. Declining market values will play a large part in determining the value of your home.

Another reason why you may wish to have a second opinion on your appraisal carried out is if you lack confidence in the skills of your appraiser. An inexperienced appraiser may have overlooked some information on his report relating to your home that you believe is crucial. Or he may have compared your home to others in the wrong neighborhood. If you have questions about your appraisal, you should contact the firm you used in the first instance. However, don't be afraid to commission a second opinion if you feel it will make a difference to the market value of your home.