Do appraisers use refinances on comps do determine subject value?

[Gary Franklin]

Do appraisers use refinances on comps do determine subject property value? I had an appraisal recently come in on a property that /I am closing on and they listed their comps as 2 my neighbors properties as recent sales. They each refinanced several months ago. There are several other good sales comps they could have used. just wondering if this is normal. P.S. This is a market where things don't last but minutes (Gatlinburg, TN) 

Thank in advance,

G 

[Kyle Smith]

Quote from @Gary Franklin:

Do appraisers use refinances on comps do determine subject property value? I had an appraisal recently come in on a property that /I am closing on and they listed their comps as 2 my neighbors properties as recent sales. They each refinanced several months ago. There are several other good sales comps they could have used. just wondering if this is normal. P.S. This is a market where things don't last but minutes (Gatlinburg, TN) 

Thank in advance,

G 

I’m not sure why they would use refinance comps. Refinances typically do not reflect real world current market values.  Refinance appraisals are usually more on the conservative side to protect the banks interest and it generally keeps people from maxing out their potential cash out. That’s been my experience here in Texas anyway.