Appraisal comes in at exactly the purchase price

[Ruthie Hopkins]

I am currently in the process of buying a condo for 330K. The appraisal came in at the same price as the purchase price. Here's the kicker, the condo (674 sqft) was renovated however the property was sold to the buyer on 5/09/2017 for 230K. 

"Appraisal Analysis : The subject was previously purchased for 230K, recorded May 9,2017. The difference between the subjects May 2017 sale price and it's current market value is likely due to recent, expensive renovations and a stronger real estate market in July ( the prior sale was conducted in March and the unit was mostly original with some needed repairs). A commissioner's deed was previously filed for Comp 1 on November 29, 2016 for 185K. This was not an open market transaction. A quitclaim deed was previously filed for comp 1 on December 18, 2015, for$1. Comp 3's leased fee interest fee interest was previously purchased on March 2, 2017, 105,00.  Note: According to Hawaii Information service, there is a four to six week delay before posting."

[Mike McCarthy]

I assume you're talking about the appraisal ordered by the mortgage company  (and not a tax appraisal, in which case I'd have a MUCH different response).

I agree, I think the reasoning is questionable at best, but he's giving you the appraisal you need to close.  I don't understand what the issue is?  Once the bank's underwriter signs off on the appraisal, it will never be seen or heard from again.  You're setting a comp in the neighborhood with a supposedly reasonable valuation of the property (since that's what you're paying for it).

I'm still confused as to what your question is.