Huge Variation in Appraisals!!

[Brad T.]

Hey Everyone,

I am currently in the process of getting a cash out refinance to get some additional money for future rental houses. I started the process of the new loan with one bank and the appraisal came in much lower than I expected at $90K. As much as I hated to pay for another appraisal with another bank, it looks like it was worth it because the second one came in at $143K, which is closer to what I was expecting. Each appraiser had different philosophies on whether to use foreclosures or not on the reports. Is anyone else seeing such a crazy variation in appraisals?