With this hot market, we had to put in a high offer on a home with an appraisal guarantee. We assumed the home wouldn't appraise for our offer price because it was much higher than asking, but based on the current market, we knew we had to offer this amount. (There were 4 offers total in one day and one of the other offers was for the same amount as us, we just dropped inspection and they didn't).
Fast forward to now, and our appraisal came in 20k less than our offer. All of the comps (aside from 1) they used in their appraisal were from 2020, but the prices in our area started shooting up since January. We truly feel this was an unfair appraisal and the comps don't actually reflect the current market, but we're not sure if this is standard procedure or not.
Any insight from anyone who has worked for quicken, is a realtor, is a buyer who has dealt with this, etc.? Is there a way to appeal this? If so, how? If we did choose to appeal this, how far would it delay close?
Submitted March 20, 2021 at 10:50PM by FriendshipLanky7473 https://ift.tt/2QqoIxv
