Appraised value appeals

[Anita Fulton]

Help bigger pockets family! I’m attempting to do a cash out refi on my home that I purchased in 2005 for $749k in the champions area of northwest Houston. The appraised value came in at 633k.  The appraiser used comps in spring which is a totally different neighborhood.  Is this standard for a property to drop in value over 100k over a 15 year period? There is no structural damage, no flooding, etc and the appraiser stated the home was in good condition. What do I do to appeal the appraisers’ report? Clearly there was a mistake in his calculations.

[Caleb Heimsoth]

@Anita Fulton what you paid for in 2005 is absolutely irrelevant to present day value. You assume the appraiser made a mistake (and maybe they did) but assuming the value must go up is also a mistake on your part. RE value could easily be lower as well.

Lack of good comps near you likely means your property is hard to appraise and you’ll likely have issues with other appraisals to