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Updated almost 8 years ago,
Recourse on Shockingly Bad Appraisal?
I am attempting to refinance a foreclosure that we purchased 7 months ago. The home is an updated 3 bdrm 2 bth in a B neighborhood. Homes in the neighborhood can sale anywhere from $160k to $120k, at the very low end. The appraisal came back at $109k, and some of the comparable homes are laughable, 2 bedroom 1 bath homes that are 6/7 miles away in a different class of neighborhood, while not including the house across the street that sold for $160k. I plan to have a conversation with him about the homes that he did and did not pick, but if that fails do I have any recourse? Any other recommendations?