Appraisal came in low

[Niti Bhat]

We recently purchased an investment property and it came 9k lower in appraisal. Both us and our agent feel that the appraiser did not do his job well. The comps that he used are of houses 10-12 years old whereas that the one we bought is only 4 years old.

The appraiser chose 2 comparable sales that were considerably older than the one that was being valued. Although they are located in the same neighborhood, he made no adjustments due to the age of those homes.

We have sent those listings to the lender and the appraiser to reassess.

Also approached the seller but they don’t want to reduce the price at all.

Any advice?