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Updated over 11 years ago on . Most recent reply

Account Closed
  • Involved In Real Estate
  • Los Angeles, CA
4
Votes |
110
Posts

Can I challenge an appraisal?

Account Closed
  • Involved In Real Estate
  • Los Angeles, CA
Posted

Long story short - I am trying to get a HELOC and had my home appraised last week (that I paid for). I live in a hidden little part of Los Angeles and pulled 8 comps for the appraiser, all within a mile, all within 5 months and that all sold between $250-$320/sq ft. One of the comps being directly across the street from my home. All were traditional buyer/seller transactions or high end flips.

Appraiser didn't use any of the comps I gave him and instead pulled homes that sold between $120-$220/sq. ft. Some were short-sales and probates. I understand that the appraiser can use the comps he chooses to, but this feels like a bit of an unfair appraisal. Even if he just used 2 or 3 of the comps I gave him I would've gotten a much fairer value on my home.

Can I ask the bank for a new appraisal, or challenge this somehow?

Thank you.

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