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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 

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