The appraiser is killing me...ugh

[Kurt Gardner]

I had a duplex appraised to get a loan on purchase...it was requested that it be done in "as repaired" condition.  The report was returned with that verbiage on the cover, but there were "condition" downgrades based on some of the comps...fail #1.

Because the area I live in is over coal mines, we have mine subsidence issues (the appraiser had a 20% penalty on my valuation also because - while she isn't a structural engineer, there MIGHT be unseen damage - there might be termites and wood rot, too, but you don't see that either, right?)...to her credit, this particular area has had documented events.  I checked with the state and land folks in the know, and they reported that the specific event at this location had ended.  I had a structural engineer ($550) perform an assessment and they found no structural issues or problems due to subsidence.

Ordered a new appraisal armed with the structural engineer report...appraiser did estimate the property this time in "as repaired" condition (without any other monetary downgrades), but did not remove the mine subsidence 20% penalty...fail #2.

The reason this is a big deal is because the duplex needs some aesthetic improvements and we're adding a 3rd BR on each side to increase the rent potential/equity value.  It's lean, but the numbers are good (and it's my first duplex, so I'm a little emotionally involved, I confess).

Still...it seems like if there is documentation from the state insurance fund of subsidence ending in 2010, and I have a licensed structural engineer report indicating no damage/structural issues due to mine subsidence, what do I have to do to get this appraiser to remove that penalty?  According to her, the penalty range is 15-30%...why then would she even use 20%?  why not split the diff and use 22.5%?  Why not the full 30% or just 15%?  Why didn't the amount of the penalty change between the first and second appraisal with supporting documentation that states no further movement?

I'm frustrated because I don't guess I understand why/how with an admitted lack of knowledge about the subject, and in the face of professionals in the field, she STILL assess the penalty?

UGH...

Anybody else have appraiser issues?  Is there any recourse you could suggest (other than buy in cash!)?

Thanks for lending an ear...