Cost approach appraisal - how do we get this done?

[Cara Rohde]

We are desperately trying to refinance our primary to cash out some equity.  We have been stalled for months because of the appraisers.  We had two appraisals done and neither came through with any comps for our unique property.  How should we proceed?  I’ve been reading about “cost approach” appraisals, but I’m really surprised our lender hasn’t mentioned this and I’m wondering if this is an option.  Help!

[Steve Morris]

Problem is the lender hires the appraiser, so you can make suggestions all day long.  You have good (as in backed up by comps or pretty compelling reasoning) to challenge the appraiser's valuation?  Enough to convince the bank.

I understand about "unique" properties, but banks usually aren't crazy about them since they may be hard to market if worse comes (like you default).