Large Appraisal Discrepancy....Anyone Have This Issue

[Jennifer Ullrich]

Hi All, 

I'm looking for advice.  

I'm purchasing a duplex in Florida for $170k, my lender's appraisal came in at $135k, which is a $35k discrepancy.  

The seller is obviously annoyed and ordered his own appraisal, which came back at $170k, the sales price.

It turns out there, was a few errors on my appraisal (one which was the wrong address) in regards to the comps.  My bank is going back to the appraiser, but highly doubts any revisions will come in at sales price.  They also will not accept the seller's appraisal.  

Has anyone had this issue, have any advice for me in this predicament?

Next Steps:

- My next steps is to call the bank and discuss my annoyance with this situation and not pay for my original appraisal since  there were many errors.  

- We are waiting on word back from the original appraiser to see what happened and what the correct appraisal amount is.

Any advice would be appreciated.  Thanks so much.

Jen  

[Caleb Heimsoth]

When this happens from my understanding you have basically 4 options. Seller adjusts sale price down. (Unlikely here). You pay the extra 35k out of pocket or you get another appraisal through the bank, or switch banks and start over. Or appraiser readjusts original estimate

Personally I’d switch banks if appraiser won’t readjust