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Updated over 8 years ago on . Most recent reply

User Stats

65
Posts
38
Votes
Bin Chen
  • Investor
  • New York, NY
38
Votes |
65
Posts

Low appraisal due to no comps

Bin Chen
  • Investor
  • New York, NY
Posted

Is there anyway to anything that I can where an appraisal is really low due to a lack of data?

I am getting my house appraised in order to refinance it for another deal.

My house is a 4 family house in the boarder of riverdale and kingsbridge, bronx NY.  I have spoken with the appraiser and he told me the closest 4 family he could find to my house was over a mile away. I am in an area where there are predominantly single and two family houses. A 3 family house is really rare. The only 4 family house within a 10 block radius is my neighbor who has an identical build as mine. There were a couple 2 family houses that sold within 2-3 blocks from me for around 700-800k a couple months ago but the appraiser said he cannot use them for comps. He said the closest 4 family he could find was over a mile away and in a much shadier part of town. the price of that house was 650k and hes using that as a comp. 

 I bought the house for a bit under 900k and used a bit under 200k to gut renovate it. I asked him if he could use a narrative report to do the appraisal since the house has 10 brs and 4 garages and rents for over 9k but he said since the bank originally requested a forms report he cannot switch half way. 

Is there anything I can do to raise the appraisal? He was telling me the appraisal will come out around 700k.

thank you in advance

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