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Updated over 10 years ago on . Most recent reply

User Stats

194
Posts
175
Votes
Mike Sattem
  • Investor
  • La Grande, OR
175
Votes |
194
Posts

Help! My appraiser's an idiot

Mike Sattem
  • Investor
  • La Grande, OR
Posted

I met with my appraiser a week ago on a refinance for a four plex I own, and I provided her with comps in addition to an income based valuation worksheet already filled out to "assist her". Everything that I can find comp wise and through income shows this property valuation between $220-205K. I got the appraisal today and her numbers were $165K! When I look at her comps I see two duplexes, One is brand new construction and the other is a total pile of crap ($238K and $113K respectively). Then I see she used a triplex which is also a pile of crap, makes less money than mine, but still sold for $175K two months ago! What can I do to fight this? 

Most Popular Reply

Account Closed
  • Investor
  • Honolulu, HI
1,698
Votes |
3,894
Posts
Account Closed
  • Investor
  • Honolulu, HI
Replied

@Mike Sattem Dude are you venting or looking for a solution?   Made that mistake twice.  Happily living with man's best friend since I figgered the rules. 

Where did you get your cap rate comps? Post your income & the appraiser's.  let us appraisers give you some help.  Venting?  I can't believe she turned on you after all you've done for her.  Are you working out?  You're looking buffer. 

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