Appraised Value on Cash Out Refinance Low

[Joaquin Arizpe]

I am in the process of Refinance my house to pull some equity and reinvest on RE. The appraisal on the property came low that what I was expecting, after reviewing it realized that for some reasons 1) my house was appraised at $67sq/ft when all the comparables were appraised at $103-$123; 2) mine was appraised on the living area whereas the comparables were on the gross area. I also noticed that the front/back porch and enclosed garage were appraised at $29sq/ft ( considering everything was build as a part of the house by the same construction builder it doesn’t make sense to me) Also: my house was built in 2010 and comparables were 2009-2013 range!

Have you had any similar experiences?

Any thoughts or reasons on why is appraised like that?

Thanks in advance

[Russell Brazil]

Appraisals on refinances are always more conservative than on a sale. There is no sales price to start the analysis from.

Im not familiar with any place using price per sq foot to price a property outside of Manhattan. And in Manhattan, those are cash purchases with no appraisals. We certainly dont use price per sq foot in the midatlantic.