Homes For Sale Maryland

We have a contract to purchase a home for 505K with 10K in seller contribution towards closing. The home appraised at 475K. (The Maryland state assessment of the property for 2009 is 532K!)

We are disputing the appraisal on two grounds 1) square footage used is 600 sf less than actual (2680 vs. 3280 actual); and 2) better recent comps - although not many comps are available.

The price/sf based on the appraisal is $177.24/sf. Should the adjusted appraisal increase accordingly once the correct sf is used? What should we expect the adjustment to be?

It will take 7-10 days to receive a response on the dispute - even though there were material errors made. Should expect a more reasonable appraised value? Our lender said that underwriting will use the lower of the two anyway - which makes no sense since we are disputing the original. If material errors were made, wouldn’t the first appraisal be omitted from the underwriting process?

1. what type of house is it? where are you getting your sq ft from? Appraiser measure the house when on site. We cannot use anything below 5.5 ft as sq footage. Alot of assessors use to the end of the wall… but appraisal standards you cannot if its less than 5.5 ft. (ex: the slope on a cape cod house).

2. The only ground you have to stand on is the more recent comps that have closed and are arms length transactions.

2. why are you fighting it!!!! go back and renegotiate with the seller.