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Selling and our first deal fell through because of a cut appraisal.

Hi, I just want to know what recourse I have here.

We were under contract with a seller, and the appraisal came back at 205k when we were listed at 229k. The sellers walked - I don’t blame them.

The problem is the appraiser didn’t account for ANY improvements we made. My realtor said in the report that they said the only improvements made were interior paint. So we gathered receipts of all the improvements we made - new front door, new windows, exterior paint, new AC unit, new water heater. Totaling to 18k.

The comps the appraiser pulled were 3bed, 1.5 bath ranches. Our house is a 5 bed, 2.5 bath two-story.

Because of this appraisal, they walked, we lost the sale. Ended up accepting an offer for 222k (previous was at asking), and having to pay another month of a mortgage I should’ve been free of.

I am upset and frustrated. Grateful we are in a new deal at all though. My realtor has been fighting the appraisal, but I didn’t know if there was anything else I could do.

Edit - thanks everyone for the replies. To answer the most common question- yes, our realtor did submit a dispute. The buyers walked anyways. The second appraisal with the second offer went fine, no issues.

My only other question is - why does interior paint count as an improvement, but all the others don’t?

I was just looking to hear from people who might know more than I do as to if I could do anything to recoup the ~10k the cut appraisal cost us. Looks like no, so I will just take a big bite of the shit sandwich life dealt me this time and move forward. Thanks again.

submitted by /u/cjp72812
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source https://www.reddit.com/r/RealEstate/comments/1kabgrw/selling_and_our_first_deal_fell_through_because/
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