What To Do When You Disagree With A Property Appraisal In The Long Beach Island Real Estate Market
Property Appraisal in the LBI New Jersey Real Estate MarketLong Beach Island Real Estate
Real estate appraisals on Long Beach Island take place for a variety of reasons. While sometimes appraisals are ordered for estate planning or personal financial situations, they are most often ordered by a bank when a mortgage is being sought for buying a home on Long Beach Island. Generally speaking, the LBI real estate market property appraisals are typically not an issue for buyers or lenders. That being said, there are instances when a property appraisal in the LBI New Jersey real estate market does not produce the desired results, so it is helpful to know what to do when you disagree with the property appraisal.
What To Do When You Disagree With A Property Appraisal In The Long Beach Island Real Estate Market
To understand property appraisals and the LBI New Jersey real estate market as they relate to the home purchases, it is important to first determine who ordered the appraisal. An appraisal would take place when a buyer or seller is trying to determine the fair market value of a property. If the appraisal is not ordered by a lender, it is helpful to contact the appraisal company and discuss the criteria used and the methodology behind the appraiser’s system. It is important to make sure that the geographical factors which can influence property values in the LBI real estate market have been taken into account. Also, it is very important that the square footage is accurate. Tax records can be notoriously incorrect which can lead to a property being undervalued or overvalued, as the case may be.
- If the appraisal was ordered by a lender, the situation becomes a little more complicated. It is important to understand that:
- Technically speaking, the lender is the client of the appraiser.
- The lender has engaged the appraisal company, and will pay for their services at closing.
For this reason, communication reports regarding an appraisal dispute will take place between a borrower and a lender first. Then the lender will communicate with the appraiser to discuss your concerns, and question the methods in which the appraiser arrived at the final number. Unfortunately, this can be a very tough fight to win, so it is best to be proactive and ensure that whatever home is being purchased falls in line with the current market trends we are seeing on Long Beach Island. As long as the core data is accurate, there should not be an issue with the appraisal.
Property Appraisal in the LBI New Jersey Real estate Market
Understanding how property appraisal works is a fundamental step in understanding Long Beach Island real estate transactions. Buyers and sellers should both be aware of the impact an appraisal can have on the sale of a home, so it is important for both parties to be realistic when determining numbers for a home. Sellers must understand that pricing a home out of line with the market can lead to a problem with the home not appraising, even if a buyer is willing to pay an inflated price. Assuming that all core data is correct, buyers should be aware that if a property does not appraise, they are probably working with a real estate agent who is not able to properly advise them on the current LBI real estate market trends. For more information about property appraisal or the LBI New Jersey real estate market or information about the current trends we are seeing in home sales on Long Beach Island, contact and I will be happy to answer any questions you have.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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