Updated almost 5 years ago on . Most recent reply
Data and strategy to counter a low appraisal
I purchased a home (3br/2ba) in east Austin in 2018 as a primary residence. I've invested in ensuring the house is in good condition (i.e. foundation repair w/ lifetime warranty, new hardwood floors, replaced main water line, gutters). Given the improvements made, rise in prices and low interest rates I wanted to leverage the equity in this property to invest elsewhere.
The appraisal came back $55k higher than the purchase price in 2018, which is about $60k lower than I was expecting.
I have two questions:
1. My lender said I can counter the appraisal with comps I find but wanted to know if folks had tips on how to successfully counter an appraisal?
2. In the appraisal, the appraiser didn't make adjustments for lot size. Is that expected?
3. Adjustments made for bed/bath count was +/-5k which I thought was low. This may be a question specific to Austin folks but, is this also what you are seeing?