Can You Challenge a Low Appraisal? Here's What Florida Homeowners Should Know
Getting a low appraisal is frustrating — especially in a market where you know your home is worth more. Before you panic, it is important to understand your options.
Why Appraisals Come In Low
- Poor comparable selection — the appraiser may have used sales that do not reflect your property's value
- Failure to account for upgrades — significant renovations may not have been fully credited
- Market lag — in fast-moving markets, recent sales may not fully capture current price levels
- Geographic unfamiliarity — an appraiser who does not regularly work in your area may miss local nuances
What You Can Do
Request a Reconsideration of Value (ROV) — Most lenders have a formal process for disputing an appraisal. You can submit additional comparable sales or documentation of improvements.
Request a Second Appraisal — In some cases, lenders will order a second appraisal when there is strong evidence the first one was flawed.
Order an Independent Appraisal — Homeowners and their attorneys can order an independent appraisal to document a credible alternative opinion of value.
Appeal Your Property Taxes — If your property is over-assessed, an independent appraisal is strong evidence for a value adjustment board hearing.
Contact Mantis Valuation Advisors if you have questions about a low appraisal.