Appraisal woes and thanks to BP podcast

[Scott C.]

This week I had an issue with an appraisal on a property that I am financing. The appraisal came in $3k less than the purchase price. I would have to bring an additional $3K to the table at closing. Thanks to the BP podcast #7 I was able to dive into the appraisal more intelligently than I would have before. After looking at the appraisal I realized that the appraiser used three comps that were over a mile away They weren't even in the same zip code. After a five minute search on Redfin I was able to find 4 comps in my same neighborhood that had been sold within the last 3 - 6 months. All of the comps were considerably higher than my appraisal. I forwarded these on to my lender and in two days they modified the appraisal up by $20k.

Thanks BP podcast and Ryan Lundquist!