Key Takeaways
- Appraisers select comps based on location, size, age, condition, and recent sale dates.
- The appraisal report explains how each comparable property supports the final value.
- You can request reconsideration if comps don't match your home's characteristics.
Can I challenge the appraiser's comparable sales?
You're wondering why the appraiser chose specific comparable properties and whether you can dispute those choices. Appraisers select comparable sales (comps) based on location, size, age, condition, and recent sale dates to estimate your home's market value.
Appraisers typically look for homes sold within the past six months in your neighborhood or similar areas. They prioritize properties with similar square footage, lot size, bedroom and bathroom counts, and overall condition. The appraiser documents their reasoning in the appraisal report, which explains how each comp supports the final value.
You can review the appraisal report to check whether the comps match your home's characteristics and location. Look for homes that sold significantly above or below market rates, properties in different school districts, or sales that happened during unusual market conditions.
If the comps don't seem appropriate, you can request a reconsideration of value from your lender. Provide additional comparable sales that better match your property, or point out errors in the property details. Your lender can also order a second appraisal if the first one raises questions about accuracy.
Share your concerns with your lender and they can walk you through the reconsideration process and explain what documentation supports your case.
