Buying Under Value . Appraisals are including your purchase

[Cassidy Burns]

Hi BP,

I've recently run into a problem with 2 of my last purchases in SW Virginia.  I am buying under value properties.  For instance: 

Purchase Price: $61,500

Assessed Value: $116,800

But the appraisers are adding the purchase price of my property in with the comps and actually USING IT AS A COMP!  The Comps support the assessed value and actually support $125,000- $130,000 and this is without doing any renovations at all (probate purchase).  

The appraised value came in at $96,000.  So I am going to do some very minor improvements interior to hopefully turn that appraisal around.  (Tear up carpet and show hardwood floors, New window treatments/fixtures, etc.) 

I closed yesterday, and immediately sent to a few real estate agent in the area listing for $115,000 for a quick sale and one of them came back and said "you purchased this for $61,500 yesterday, thats not ethical, legally you have to send the appraiser a list of repairs in order for them to bring up the appraisal."  

Has anyone ever heard of this, and how do I address this in terms of an education piece? 

Thanks BP