How to get a TRUE Appraised Amount

[David Flores]

Hi BP World,

I am sure I am not the only one that runs into this problem. My whole niche is finding great deals, like most of us on this site. I am running into a problem though when properties are being appraised. They are usually always appraised near the purchase price, but this is not the true value and I think the appraiser and everyone involved knows that. For example, I recently bought a property that is bringing in 4k a month. The purchase price was 245k and it was only appraised for 250k. It was a quad plex in good condition with 11 bedrooms. The comps in the area for 5 bedroom DUPLEXs have been selling for 200-250k. One property most comparable to mine had 9 bedrooms and was a duplex that sold for 330k, just a couple blocks away. Its great I got such a good deal on the property but how can I get a TRUE appraisal so I am able to either take money out. In my opinion the home is worth near 400k. It seems like appraisers just go with the purchase price when doing their valuation as we all know, but is there anyway to get a true appraisal. Does anyone have experience with showing an appriaser why the value is wrong?

I was thinking I hire a private appraiser get my own appraisal done and then show it to the bank who is going to refi. Let me know if anyone has any tricks or tips for this, as like I said, I am sure I am not the only one that deals with this.