Appraisal all wrong !

[Nicholas Weckstein]

Im pretty blind sided by this.

3 unit under contract at 140k, scheduled to close beginning of September. Inspection went well, bank has committed to funding it, title company is ready and good to go. Insurance in place.

Appraised on Friday, we get the results back SUPER quick. Bank gets it to me today (so 3/4 days). Underwritten and all...

I'm SHOCKED by the low appraisal at 124k...I begin to read through it The appraiser completely left out the 3rd unit, marked it down as a 2 unit. EVEN GOT THE RENT WRONG ON ONE OF THE 2 UNITS.

so I call the bank..I'm like uh hello...EVERYONE is aware this is a 3 unit. how does this happen? how does even the bank miss this...how did the appraiser miss this?!

The sellers agent spoke with the appraiser and the appraiser refuses to change the report because the 3rd unit is in the basement...? WHAT? It is a legal 3 unit...occupied...zoned...I told the bank that we need a new appraisal ( im not paying for this one as I already paid for the screw up)

Anyone ever experience this? They won't consider an apartment if its basement level? Thats news to me

[Nicole Heasley Beitenman]

Unfortunately, appraisers can do whatever they want. I've had very few good experiences with appraisers. You might get stuck paying for a 2nd appraisal. You're lucky the bank seems to be on your side; that's usually not the case!