Can anyone advise me what action I can take to get an inaccurate appraisal of my apartment rectified? I recently decided to refinance my mortgage in the hopes of getting a lower interest rate. The mortgage broker arranged an appraisal which valued my apartment significantly below its true value because the appraiser managed to omit the private garden, central air and second half-bathroom, thereby significantly lowering the appraised value, to the point where the refinance could not go ahead. The broker rebutted the report, but has subsequently dropped me like a hot potato and won’t return my calls so I presume he has given up on arranging my refinance. I would like to challenge the appraiser’s report, more on principle than anything else. It was a shoddy piece of work and the appraiser should be obliged to rectify his errors, IMHO.
I have written to the appraiser directly, but have received no response yet. So, my question is, is there a governing body that oversees/licenses appraisers that I could approach? Surely there are codes of ethics, standards, etc. that apply to appraisers? Any other suggestions for dealing with this gratefully received.


Comments

  1. Hi- I am a mortgage broker. Best bet is to submit another application and have another report done. If the broker did a rebuttle the report would have been sent to risk and risk would have issued a response.

    If you would like to send me the report I will let you know what I think.

    Vanessa Thatcher
    Atlantic Home Capital
    631-687-3510 x106
    vthatcher@athccorp.com

  2. When our building was appraised we were allowed to appeal the appraisal. I’m not sure if they are required to allow you to appeal the appraisal but any good bank should do this.