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Updated almost 8 years ago,

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?

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