Errors Determined by the Homeowner

• Homeowners and property managers sometimes feel that appraisal values are too low. Rarely do homeowners complain of appraisers overvaluing properties. Before assuming the appraisal is incorrect, the homeowner must keep in mind that the appraiser is an impartial party and it is the appraiser's job to accurately value property, as opposed to valuing property as high as possible. Gary Dent, of the First Bank of Beverly Hills, affirms that appraising is both an art and a science, and the appraiser uses her knowledge and expertise of property values and market conditions to find the most precise value possible. A homeowner disagreeing with the appraisal does not indicate that it is incorrect. An appraisal is only incorrect if evidence exists that proves the property value is higher or lower than the appraiser stated.
  
  

Presenting Evidence

• Dent discusses the ways in which a homeowner should dispute an appraisal and the types of evidence she should present. Evidence that will possibly lead to a correction is relevant omissions and facts that the appraiser neglected to include in her calculation. For instance, a new shopping center may have just opened across the street, the rating of the school systems may have risen or the homeowner may have had an appraisal done six months ago that indicated a higher value. The homeowner should gather any facts such as these to support her claim. She should not, however, make any assertions that she cannot back up with evidence.
  
  

Correcting the Appraisal

• Once the homeowner presents the evidence to the appraiser, he must allow time him to review the information. The appraiser often has other clients and the time period depends on the appraiser's workload. If the appraiser finds that the evidence supports a change in the valuation, the appraiser may decide to change his report. If he decides the evidence is insufficient, he will not change his report.
  
  

Appraisal Review

• The U.S. Code of Federal Regulations states that appraisal reports must go through a review process. In some cases, a reviewer may find errors in the appraiser's report. If the reviewer encounter's errors, she will return it to the appraiser for correction or order another appraisal.