Should I contest my appraisal.

[Matt Lazas]

I just got an appraisal back on a duplex that has 'no direct comps.' There are are plenty of sfr comps, but the appraiser cited a challenge in valuing the property because of no direct comparable sales. The property was appraised at $255k and we are paying $253. So no direct issues with the appraisal hurting purchase price (it's an fha loan). based on my calculations though, this property should be appraised Around $280-300k. So, Before I accept this appraisal I am hoping to get some opinions on 2 questions. 1- could a low appraisal hurt or influence future appraisals in a market where comps minimal? 2- should I contest the appraisal even though it's above purchase price? ( my realtor is saying that crazy, but I feel like it's foolish to take him at his word). Any opinions would help. Thanks!

[Michael Noto]

Your property appraised. Yay! Just be happy the deal is going forward.