worthless apprasials when getting financing

[Gabe G.]

Anybody else, when using financing to buy a rental property, usually HUD/VA etc, find their lenders appraisers will only appraise the property no matter what the market/comps say, for right around the selling price?

Considering the expense of appraisals it would be nice to have an accurate appraisal done.

For example a house I just bought appraised at 48 per sq ft, when comps were into the 70 to 80k sq ft range.

There are some minor things that are needed.

But just find it weird that apprasiers do this now

[Rob K.]

Originally posted by @Cary Trusty:

I guess the part I'm shocked about is why would the house appraise for exactly $30k more which was the price of labor/materials alone? Shouldn't the house be worth more than just the labor/materials?

An appraisal is just an opinion, like a home inspection. I don't put a lot of stock into appraisals. You could get four different appraisals done and they would be for four different amounts.