Having Appraisal Issues!!

[Kirk Frickey]

So I’m having issues with an appraisal and I want to see if anyone here has any advice for me. So here is where I’m at...

I have a triplex under contract through a wholesaler here in New Orleans, LA. I ran comps for this property, along with my fiancé who is an Agent, and we seen comps to support the purchase price of $298k and also an ARV of about $550k. Well, once we got the appraisal back they have the as-is value around $160k and the ARV at $410k. I knew it was off the second I heard the numbers so I asked for a copy. When reviewing it, I seen they pulled two comps from 10 years ago and 3 more comps from an area not even in the same zip code.

Immediately, I went get on the computer and pulled comps again and sent them to my lender to send back to the appraisal to ask why these comps I see are not being used. These comps are all within about 3-4 blocks of the house and one was the same street and sold 5 days before for a little over $560k. Only difference I see are these houses are doubles with only one similar triplex, and my potential property is a triplex. Both are two story, both are around the same square footage, similar bed/bath, etc.

I tried calling the appraisers myself but they won’t give me any info on it since I went through a private lender. It’s been about a week now and I have heard nothing back on if they will adjust the appraisal or not. I’m just wanting to know if anyone has been here and has any pointers since I can’t directly talk to them.

Thanks in advance!