We had an appraisal come in slightly under contract price this week (unusual in this market, to say the least).
Our property fronted to a court or cul de sac, but its side was adjacent to a very busy thoroughfare.
Hence there was substantial traffic noise which is a perfect example of an “adverse external influence” that must be taken into account by the appraiser.
By coming in slightly low (like our appraiser above did), appraisers are often preventing much more significant value cuts that might come as a result of an appraisal review.
I encourage readers to read these two below blogs too, as there is much confusion over these issues whenever appraisals do come in low.
Appraised Value ≠ Market Value
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To learn more about the topics discussed in this blog or get more info about JVM's mortgage services, contact our team by phone at (855) 855-4491 or email us at jvmteam@jvmlending.com
