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Updated almost 9 years ago,
rant about apprraisers
So I'm doing a cash out refi on my primary and I was already expecting a low appraisal based on that information alone will bias the appraiser, but this is ridiculous!!! My house is worth about 800k, is single story 1400 sqft and sits on a 7,800 sqft lot in San Jose where land accounts for most of the cost of your property. The appraiser used a two story 1,540 sqft house sitting on a 3,400 sqft lot (less than half the size of my lot) and only adjusted 20k for the lot difference!! Seriously, I mean this house is in San Jose. To add insult to injury he deducted $14k to account for the 140sqft difference between the comp and my house, keep in mind my house is single story and the comp is two story. That's $100 a sqft, more than it would cost to build!
I already know how to appeal and I know how futile my attempt will most likely be, I just needed someplace to rant :-). Thanks for reading.