Can you demand a 2nd appraisal?

This “suggestion” for getting a re-appraisal was made on one of the major real estate portals.

If the appraiser refuses to reconsider his determination and you feel there is supporting evidence that would significantly alter the outcome of the appraisal value, you can send a demand letter to the bank or mortgage company to send out for a second appraisal.

It sounds good, but will it work?

In all likelihood, no. The bank will normally have an ongoing relationship with the appraiser. They will have worked together on many sales. To them, you’re just another unhappy real estate agent that didn’t get the appraisal price you needed to put together the deal for your buyer.

Put yourself in the lender’s position. Would you trust an agent you’ve never met over someone you work with every day?

The fact is, people don’t change their mind, but they will make new decisions based on new information.

Instead of a letter demanding a second appraisal, it is much more professional to request a reconsideration with verifiable proof that a reconsideration should be reconsidered. While this still won’t guarantee a reconsideration, it is much more likely.