Extreme low ball appraisals?

[Lynn Z]

BOA sent an appraiser through First American to my rehab. It had sold for $212,000 the previous summer. I paid $160,000 for the home because no one wanted it. Applied for refi of $115,000 Appraiser met me at the house and when I asked for the report it took 6 months and BOA claimed it was just a ride by not a full appraisal. It cost $35 and for my $75,000 (new kitchen, brand new added bath, windows, doors, roof etc., tile, floors) he gave me $14k.

Isn't an appraiser supposed to give a FMV for a house. Wouldn't the bank feel better if he' d come in at a realistic FMV rather than a lowball, no tape visit? It certainly caused the Home Equity Line offer to drop $30,000 at a rate of prime plus 1.9% while BOA is advertising HELOC's for 7.9% today. Plus, a wasted 3 inquiry on my credit.

I'm just not smart enough to track all of the nuances of the appraisal business. It really causes the consumer to have to pay extra money at closing when the house doesn't appraise 80% value and makes the loan officer feel like you're greatly overvalued your home. I'm sure I can sell this home for $280k today because of the condition and the location. How do you avoid this type of issue?