Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 8 years ago on . Most recent reply

User Stats

23
Posts
30
Votes
Jason Ross
  • Rental Property Investor
  • Arlington, VA
30
Votes |
23
Posts

Appraiser problem - any recourse?

Jason Ross
  • Rental Property Investor
  • Arlington, VA
Posted
I own a townhouse in a new (3-4 years old) 12-unit development, mixed residential/retail. State of Ohio. I am trying to refinance and had an appraisal. As comps, the appraiser used three other units in the development. Two of those units had been sold as finished units by the developer; one of them had been sold unfinished. To estimate the cost of finishing (i.e. cabinetry, carpeting, countertops, lighting, etc.) the appraiser picked a random number. Based on the developer's advertised costs of finishing the units, the appraiser underestimated the cost of finishing this third comp by $10k. This mistake is basically going to cost me $5k in financing. I have asked the appraiser to revisit his appraisal based on actual market data. He won't respond. Do I have any recourse against the appraiser for factual errors?

Most Popular Reply

User Stats

23
Posts
30
Votes
Jason Ross
  • Rental Property Investor
  • Arlington, VA
30
Votes |
23
Posts
Jason Ross
  • Rental Property Investor
  • Arlington, VA
Replied

Thanks all. This is the answer I expected I would get, though given the unusual nature of the comps, I hoped there may be some process for addressing the issue.

Loading replies...