What happened with my appraisal??

[Ryan Slicer]

Apologies if this question has been answered already. If so, please redirect me.

This is our second live-in flip in the last few years. This time we purchased a ranch on a cul-de-sac which needed a lot of updating and in a desirable school district. We bought it for 170K and put about 20K into it over about 3 yrs. We thought the ARV would put us at 250-260K all things considered. About a year ago a ranch nearby sold for 245K which helped inform our ARV estimate. This week we refinanced, it appraised for 214K. Much lower than we anticipated. Has this happened to anyone else?? Where do we go from here? I have read that we can appeal it but that doesn't seem promising. Help please!