Bank not accepting appraiser

[Sam R.]

I recently tried to refinance a 4plex. Everything was looking good until the appraisal. The bank rejected the appraisal because the appraiser did a bad job. They used comps from a very different market, houses that were bank owned, and incorrect rents. Not only did the bank reject the appraisal that they bought, but the value came in low. The low value is tolerable because it just meant I wouldn't be able to cash out, but instead just refinance the existing principal. I did the work of finding better comps and presenting the correct rents, but the bank is still rejecting the appraisal.