One house - 2 appraisals - 2 different results

[Bastian Kneuse]

I am currently in the process of refinancing a rental property. I had an appraisal done in May, but I stopped this refi process because another lender provided much better terms. Unfortunately, the new lender did not accept the appraisal that was done in May and did their own appraisal.

Today, I received the results of the new appraisal and it differed quite a bit from the May appraisal by $10k. I also noticed a few errors on the new appraisal, such as house and lot size is a little bit smaller. Not sure what to do now. I feel the first appraisal is a more accurate reflection because the price per square foot ($115/sqft) calculated is more in line with what I see on the market as opposed to the $102/sqft in the second report. Would it make sense to request another appraisal, which would be the third? Any advice on how to proceed? Thanks.