Just went in today and talked to an appraiser. Overall, it was a very pleasant experience. Reading the descriptions on here was certainly helpful and allowed me to be prepared. Walked in, requested to talk to an appraiser, and only had to wait about 7 minutes. Lowered my appraised value from $216,000 to $185,000 (still too high, but more manageable).
My recommendations:
- Bring comps from your neighborhood; my appraiser was actually very grateful that I brought some in since they oftentimes do not have that data and only get it from people like me. I had pictures from my property ready, but they were only interested in the comps.
- The appraisers will tell you that there is only so much that they can do, but they do have some wiggle room. Initially, the guy told me he could only lower the value to $204,000. After he put in my comps, he dropped to $190,000. When I started asking more questions about formally protesting and going before the board, he said he could stretch it to $185,000.
- Even if you bring in comps that are less than what your house is valued at, be prepared for them to counter with the following: age of your home, type of construction, and square footage all play a major factor. My house happens to be about 200-300 sq/ft bigger than most of the other houses in my neighborhood which is what they pointed to for my high appraisal.
- As people have mentioned, be polite and courteous to your appraiser. They have rules they need to follow as well. Be patient, and be appreciative of their time. It will help in the end if they make you an offer.
