Appraisal Came in Very, Very Low!
I put several duplexes on the market through a real estate agent for roughly $190K. We didn't pluck this number out of thin air. There was another property that had sold on the street a few properties away for $190K.....although it was a single family home. Same basic building structure, his was SFH, mine were duplexes. So, 2 days after they were placed on the market, we sold the first one around $190K. Then we sell 2 more in the 1-2 weeks also for $190K. So at this point they all show as pending in the MLS. The other day the appraiser for the first one comes out. He appraises the property for $125K. BTW, this is an FHA loan, people wanting to do a house hack. One of the other is an FHA as well, the third is conventional loan. So obviously, the $125K is a problem. My agent has submitted a rebuttal on the appraisal to the lender.
Anyone with suggestions as to how to approach this? Frankly a 30% difference between an appraisal and 3 independent sales seems like the appraiser is ignoring the market.