Found a loophole in appraisal rules that saved my deal after the bank lowballed the value

Had a mixed-use property in Nashville appraise $80k under contract price back in March. Lender wouldn't budge. Found out you can request a reconsideration of value if you submit 3 recent comps they missed. Pulled cash-flow data from similar properties in the zip code. Bank accepted it in 5 days. Anyone else had luck fighting low appraisals with ROV requests?

3 comments

3 Comments

avery_carr5712d ago

Did you use a local appraiser or just random ones?

kelly6112d ago

Three local ones and a guy my cousin found on Craigslist, real mixed bag there.

rivera.holly10d ago

Oh, I'm not so sure about that, kelly61. Sometimes the random ones can turn up something interesting that the locals overlook. I've heard of folks getting surprisingly solid valuations from those Craigslist types if you dig through the weird ones.