Indianapolis property appraisal

[Simon Stahl]

Hey everyone

I got financing on a property a while back and just now looked over the appraisal report again. There are a few things that seem strange to me so I wanted to ask the folks on here how exactly the appraisals are done in Indy.

• The appraiser did not pick several properties that were close by and had roughly the same size. I assume because the are a different style?
• Instead he picked some properties that are just about half the size of mine. It seems that he payed more attention to similar style than similar size and condition.
• The value adjustment from a 2/1 to a 3/2 is only 4k
• The value adjustment from 890 sq ft to 1,450 sq ft is only 9k
• Two of the five properties he picked were still under contract

I wonder now if this is how appraisals work in Indy, or if I just got a bad appraiser? I would like to understand this to be better prepared for the result the next time.

Simon