What happens if you dont agree with an appraisal? Can you protest it ?

Great question- Most appraisal managment companies have a rebuttal process that you can use to dipute the value of the appraisal. Make sure you have comparables that back up your dispute- at least 2. You can obtain these comparables from a local realtor or ask if your loan officer has acces CRS- court retrieval system- this will get you updated information on all homes that have sold and are documented by the courts. Make sure that the appraiser used comps that fit the mold as you can argue large adjustments and such. You loan officer should be able to help you with this process. Rebutting an appraisal should not cost you anything. If you decide to get another appraisal then it will cost you the entire appraisal fee. Just bear in mind if it is an FHA or VA appraisal then it will be logged by the lender and will have to be used for 6 months.

On an FHA loan you will need to use that appraisal but you can provide comparable sales to the lender to send to the appraiser if you disagree.On a Conventional loan you can get another appraisal but the best idea if its a refinance is just to change the lender and pay for a new one or have the next lender pay for one.