Curious how appraisers decide what a home is worth in Snohomish County, or worried an appraisal might come in low? You are not alone. Whether you are buying or selling, the appraisal can feel like a black box that determines if your deal moves forward as planned.
In this guide, you will learn what an appraisal is, how appraisers pick comparable sales in our local market, why values sometimes land below the contract price, and the exact steps to take if that happens. You will also get practical checklists to prepare, so you can minimize surprises and keep your transaction on track. Let’s dive in.
What a home appraisal is
An appraisal is a professional estimate of market value used by your lender to underwrite a mortgage. It helps the lender gauge risk and decide how much to lend against the property. You may receive a copy, but the report is designed for the lender’s decision-making.
Lenders typically order the appraisal after you apply for a loan. Turnaround can range from several business days to more than two weeks, depending on access and local demand. Fees vary by property size and complexity, and in most purchase situations the borrower pays the fee.
Common appraisal types
- Full interior appraisal: The appraiser inspects inside and out, measures living area, takes photos, and completes a full report. This is most common for purchase loans.
- Exterior-only appraisal: The appraiser views the home from the outside and uses public data. Lenders use this option in limited, lower-risk cases.
- Desktop appraisal or waiver: In some cases, a lender or GSE may allow a desktop appraisal or waive the appraisal requirement based on the file. Availability depends on the loan program and profile. FHA and VA typically require an appraisal inspection.
- Review appraisal: A second review of the original report if a party contests value or the lender requests a check.
FHA and VA appraisals include program-specific minimum property requirements focused on safety, habitability, and structural soundness. That can lead to repair notes or different conclusions compared with a conventional appraisal.
How value is determined locally
For most single-family homes, appraisers rely on the Sales Comparison Approach. They analyze recent, similar sales and adjust for differences like square footage, condition, lot size, view, and features. The appraiser may also consider the Cost Approach or Income Approach when relevant, but for typical homes the sales comparison carries the most weight.
In Snohomish County, appraisers pull data from the local MLS and county records, then prioritize comps by proximity, recency, and similarity. Urban and commuter areas like Everett, Lynnwood, and Edmonds can behave differently than rural or exurban areas, so neighborhood context matters.
What counts as a good comp
- Proximity: Same neighborhood or submarket when possible. A comp 1.5 miles away in the same micro-market can be better than a closer sale across a major boundary.
- Recency: Closed within the last 3 to 6 months in active markets. In slower periods, up to 12 months may be considered.
- Similarity: Similar property type, lot size, square footage, age, bed/bath count, and condition, plus major features such as view or waterfront.
- Conditions of sale: Arm’s-length transactions are preferred; distressed or concession-heavy sales may require adjustments.
Appraisers usually include at least three closed sales and often support them with active or pending listings for context. Pending and active listings carry less weight than closed sales because the final price is not recorded yet.
Micro-markets across Snohomish County
Snohomish County has varied submarkets. Waterfront pockets, hillside neighborhoods, and commuter corridors can influence how comps are selected and adjusted. A condo in an Edmonds project may be evaluated with condo-specific project data, while a newer subdivision in Lynnwood might be compared with similar new construction. For unique homes or areas with thin recent sales, appraisers sometimes reach a bit farther in distance or time to find suitable comps.
Assessed values from the county are not the same as market value for lending. It is normal for the appraised value to differ from tax assessments.
Why appraisals come in low
A low appraisal can happen even in strong markets. Common drivers include:
- Rapid market shifts: If prices are rising or cooling quickly, the most recent closed sales may lag the contract price.
- Thin or mismatched comps: Limited recent sales may force the appraiser to use less-similar comps that reconcile to a lower value.
- Condition updates not reflected: If interior condition, systems, or structural issues differ from the listing’s impression, value can be adjusted downward.
- Data errors: Incorrect square footage, room counts, or omitted improvements can drag value lower than it should be.
- Unique or over-improved features: High-cost upgrades without clear local sales support might not return dollar for dollar.
Snohomish-specific factors
- Varied submarkets: Waterfront versus inland, hillside versus valley, and different commute corridors create micro-markets that can be hard to match with recent comps.
- New versus older stock: Recent sales from older homes can pull down value for a newer build if the set is not balanced.
- Inventory shifts and seasonality: Sudden inventory changes can pressure prices and comparable selection.
- Permits: Unpermitted additions or finished areas can reduce confidence or trigger adjustments.
- Boundaries and districts: Neighborhood and district lines can shape comparable choice, so familiarity with local micro-markets matters.
Program-specific requirements also play a role. FHA and VA appraisals include minimum property requirements that may lead to repair notes or conservative comp sets.
What to do if value comes in low
Start by reviewing the report with your agent. Verify measured square footage, room counts, lot size, age, and condition notes. Confirm that the appraiser considered significant updates and permitted work, and evaluate whether the chosen comps truly reflect your micro-market.
Next, gather documentation. Pull permit records, receipts and photos for upgrades, HOA documents if applicable, and any recent local sales you and your agent believe are stronger matches.
Your options and likely paths
- Submit a Reconsideration of Value (ROV): Your agent can send a fact-based package to the lender with better comps, corrections, and omitted details. The lender may allow the appraiser to revise the report if the evidence is persuasive.
- Request a second or review appraisal: Some lenders permit a new appraisal or a formal review. Policies vary, and there can be added time and cost.
- Renegotiate price or terms: You and the other party may adjust price, split the difference, or agree on credits to bridge the gap.
- Bring additional cash: The lender funds up to the appraised value. You can increase your down payment to cover any shortfall between price and value.
- Use contract protections: If your agreement includes an appraisal contingency and you cannot reach resolution, you may be able to cancel per contract terms.
- Explore alternate financing: Certain loan types or private financing may close the gap. These options can be more expensive and are not always feasible.
Expect ROV or second-appraisal processing to take several days to one or two weeks, depending on lender workflow and local capacity.
How lenders handle a gap
Lenders base the loan amount on the appraised value, not the contract price. If the appraisal is lower, the loan-to-value is recalculated on that lower number. The difference must be covered by price changes, credits, or additional cash.
FHA and VA loans include program rules that restrict waiving protections and may require repairs before closing. Conventional loans with an appraisal waiver can still be pulled into a full appraisal if underwriting conditions change.
Seller prep checklist
Use this checklist to reduce risk and help the appraiser understand value.
- Documentation ready:
- Permits and final inspections for additions or remodels.
- Receipts and photos for major updates like roof, HVAC, windows, or foundation work.
- HOA documents for condos, including budgets and reserve studies.
- Comparable sales packet:
- Recent sales your agent believes are closest matches, with a short note on why each comp fits.
- A list of upgrades not obvious at a glance, such as insulation, electrical, or structural improvements.
- Access and presentation:
- Ensure full interior access and clear paths to systems and key rooms.
- Address obvious maintenance issues that could raise safety or condition flags.
- Accurate listing data:
- Double-check MLS details against public records for square footage and room counts. Fix discrepancies before the appraisal is ordered.
Buyer prep checklist
Position yourself to respond quickly if value is tight.
- Know your appraisal contingency: Understand timelines and when you can object or cancel.
- Plan for a gap: Decide in advance whether you can cover a shortfall with cash or prefer to renegotiate.
- Be ready to support an ROV: If value seems off, coordinate with your agent to present better comps or corrections through the lender.
Communication best practices
Professional, fact-based communication makes a difference. Provide comps, permits, and corrections through the lender’s channels. Avoid suggesting a target value. Instead, focus on clear evidence and local context.
If you spot factual errors, request corrections quickly and include supporting records. For condos, include project documents and recent comparable condo sales, since project-level details often influence value.
Timing and quick-action workflow
Speed matters once an appraisal threatens closing. A simple, organized process helps keep momentum.
- Review the report for factual errors within 24 to 48 hours.
- Compile permits, receipts, photos, and stronger comps within the next 48 to 72 hours.
- Submit an ROV or request a second appraisal through the lender.
- Negotiate price, credits, or terms while the lender processes your request.
- If no resolution, use your contract options, which may include price changes, additional cash, or termination per contingency terms.
Final thoughts
Appraisals are a key step in Snohomish County transactions, and with the right preparation you can reduce surprises and navigate any bumps with confidence. Strong local comps, accurate data, and quick, organized communication are your best tools.
If you want a clear strategy for your home, we are here to help. Connect with the neighborhood-focused team at Haines Huff Properties to plan your next move with confidence.
FAQs
How long do appraisals take in Snohomish County?
- Most purchase appraisals are completed in several business days to more than two weeks, depending on access, property complexity, and local demand.
What does an appraiser look for inside the home?
- The appraiser verifies condition, measures gross living area, photographs key rooms and systems, and notes features that impact value, such as updates or views.
Do county assessed values affect the appraisal used by my lender?
- Assessed values are separate from lending appraisals; differences are common and expected, and lenders rely on the independent appraisal for underwriting.
How are FHA or VA appraisals different in this area?
- FHA and VA appraisals include minimum property requirements focused on safety, habitability, and structural soundness, which can result in required repairs or different conclusions.
What if the appraiser used the wrong square footage?
- Ask your agent to request a correction through the lender with supporting evidence, such as measured drawings or county records, and consider an ROV if it affects value.
Can I choose the appraiser or discuss value directly?
- Lenders must use licensed appraisers and follow set processes; you can provide factual information through the lender, but you should not attempt to influence the appraiser’s opinion of value.
