Updated almost 12 years ago on . Most recent reply
The Tale of Two Appraisals 548k vs 450k
In August I attempted to refinance my mortgage on my fourplex and as a result had to get an appraisal performed. The appraiser came took measurements of the building, verified sq. footage, took pictures, and inspected each unit and the property carefully. In total spending around 45min- 1 hour around the property. The appraisal cam in at 548k.
I just had another appraisal performed, this time in an attempt to attain a HELOC loan. The appraiser briefly inspected each unit. Took a few pictures and was finished with the appraisal in about 10min. I thanked him for coming out and handed him the appraisal that was performed in August for 548k. His comes in today at 450k.
Sorry for the novel, but I wanted to reach out to the forum and see what my options were. I would obviously like to dispute the appraisal and the comps he used. I obviously prefer if he used the comps on the refinance appraisal that led to the 548k price. I'm totally flustered with this guy! What are my options???
Most Popular Reply
Just wanted to update everyone. So, much like those who have had similar experiences have said. I was unable to overturn the low appraiser's appraisal. However, I did reach out to several bankers via a local REI club. Several of the bankers were more than willing to accpet the good appraisal and proceed with the HELOC. I'm happy to report that I will closing on the HELOC loan by the end of the month.