Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Houston Real Estate Forum
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

15
Posts
6
Votes
Carlyle Small
  • Rental Property Investor
  • Houston, TX
6
Votes |
15
Posts

Contesting an appraisal

Carlyle Small
  • Rental Property Investor
  • Houston, TX
Posted

So seasoning period is up and I'm refinancing at the end of the month. Appraisal came back and it's about 3-5k lower than expected. This could be the difference between paying something at closing or not having to. Looking at the comps they used, all the properties were 200+ sq ft smaller than my property except 1. The one other property was 100 sq ft larger and sold for 180k where as mine appraised for 170k. I just did a full rehab, with granite, floors, layout, bathrooms, and some maintenance items so I should be near the top of the comps. Anyone had luck battling the appraisal in a similar situation?

Most Popular Reply

User Stats

56
Posts
26
Votes
Bennie Leija
  • Developer
  • Houston area
26
Votes |
56
Posts
Bennie Leija
  • Developer
  • Houston area
Replied

@Carlyle Small

When this happens to me I request a new appraisal. This might mean you might have to pay for this fee. But, we need to realize that the appraisal is providing his/her opinion. 
I ask the lenders to provide me a list of how many appraisals this individual has done. 
I build and sell $500-$1M homes and the last thing I want is a appraisal that has little to no experience evaluating my type of build. 

Good luck.

Bennie 

Loading replies...