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Updated about 4 years ago, 12/09/2020

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26
Posts
3
Votes
Po Chan
3
Votes |
26
Posts

REO sales price a faire price to use in appraisal comps

Po Chan
Posted

I recently got an appraisal done on a property that was completely rehabbed for a cash out refinance. In the appraisal report, one of the comp used is a house that was sold for $199,000 on 6/2/2020, three months before the appraisal was done. Almost an year ago, 1212/2019, the same house was sold in REO sales for $99,050. Despite the more recent sales in the non distress condition, the appraiser insisted that the previous REO sales price is more reflectively as a comp even when the appraisal report stated the property being appraised is completed rehab and does not have(if any) issues or concerns.

This seems to be incorrect assessment.  I was wondering if the appraiser does have a valid point or he is holding grudge against me for scheduling issue that occurred earlier.  I called him out on not following lenders instruction to provide me with at least 24 hours of notice before coming for for appraisal as I need to give my tenant 24 hours notice for nonemergency issue.

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