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What can I do about appraisal inaccuracies?

On Behalf of | Feb 29, 2024 | Real Estate Transactions, Residential Real Estate |

A real estate sale often involves several steps and transactions, allowing the purchase to happen correctly and keep it legally sound. If the sale requires the buyer to seek funding from a lender, the process can require an appraisal verifying the property’s value before granting the mortgage.

This procedure can be crucial, helping the buyer and lender gauge any differences between the property’s selling price and the appraisal value. Some slight differences can be typical, but other times, the inaccuracy is too severe to ignore. There are various ways to address these significant appraisal inaccuracies, often depending on the circumstances.

Addressing appraisal issues

An inaccurate valuation can have varying effects on the buyer, making it vital to address the issue as soon as possible. If the appraisal results are severely inaccurate, the buyer can ask the lender to reconsider it, bringing up possible elements that may have contributed to the difference. These factors can involve various errors and discrepancies, depending on the circumstances.

The lender can then reconsider the valuation and adjust appropriately. Still, allowing these adjustments could vary from case to case based on whether the buyer’s request is reasonable. The inaccuracy might also have legal implications, especially if it appears to have happened because of discrimination and other unjust causes.

Navigating issues involving a property’s purchase

Buying property can be challenging, especially when issues arise, causing complications for all involved parties. Legal counsel can be valuable in addressing these scenarios, helping parties get answers to confusing questions about different real estate concerns.

Experienced guidance can also help determine the most appropriate options to approach these issues, whether related to accessing funding or reconsidering appraisal valuations. It could be impossible to guarantee that the process will go smoothly, but valuable insight can help keep the transactions legally sound despite any complications.