The banks appraisal is all wrong !?

[Nicholas Weckstein]

hello everyone, been a while since I've been on here.

After a long time of searching I'm currently under contract and closing in about 10 days, A few days ago i was reading over the banks appraisal report and I found some major discrepancys. First I'll start by saying the house appraised for the sale price.

My issues are, the house has 3 units, a 3 bed 2 bath, a 2 bed 1 bath and 1, 1 bed one bath. The report states that it's a 3bed and 2, 2bed....which to my knowledge it is not. 

Also the income section says that the rents across the board are higher than I know them to be...

The bank tells me it's in a flood zone, the appraisal says it is not. 

These are the big ones their are a few others.

I guess I'm asking how should I handle this, on one hand if the rents are higher than I was told by the seller than I'm happy but if they are not and I make a fus with this report, maybe they order a new one, and in which case the property value goes down. 

My main concern is the flood zone because that is costing me a pretty penny.

Thanks in advance 

PS the property is in Wilkes Barre, PA

[Christopher Brainard]

@Nicholas Weckstein

I'm not sure why you are concerned. The appraisal is for the bank's benefit to ensure that the property they are loading the cash on is sufficient collateral for the loan. It sounds like the appraiser has stretched the truth a bit to your benefit here. The key here is to make sure you property did your due diligence and have accurate information to ensure the property you are buying fits your investment criteria and expected returns.

As for the flood zone, I would independently check as you need to ensure you properly insure the property.

-Christopher