Hybrid appraisal seems way off. Need opinions

[Patrick Crehan]

So I applied for a HELOC and the lender did a hybrid appraisal. I guess using market data plus outside photos to gauge the appropriate value of my house. When I got the appraisal back I noticed a few things that were off. (Noted: I have had a few appraisals done for my properties in the past for refinancing, other HELOC, purchases, etc. and this one seemed really off)

The first thing I noticed was that the comps of the sold properties were anywhere from 3.5 months old to the oldest one being almost 1 year old sold in November 2022. I remember when getting my real estate license I learned that typically comps shouldn't be older than a month or so, on special circumstances, 6 months max.

Another thing I noticed was that there was no finished basement square footage included (which makes sense because the appraiser did not go inside the property).

Last thing I noticed is that the appraiser took an average of almost 8% off the property values that she used as comps. One being 14% ($-33,000) on a house that was sold in November of 2022.

I am attaching the report on this forum to see if anyone agrees with what I am seeing here. The loan processor states that if I do not agree with the hybrid appraisal that I can spend $580 to get an actual appraisal but I believe it would be referred out by them and I can't risk another, what seems to be, fixed appraisal in the lender's favor.

Anyways, long story short, the lender is offering me half of the loan amount that we initially agreed on because of this report. If they are going to go off of this, then I am considering abandoning them.

Attached is the report. Let me know what you guys think.