Cash Out Refinance Way Too Low

[Brad T.]

Hi Everyone,
I am currently working on a cash out refinance, so that I can buy more rental houses. The appraisal came in at $90K when I was expecting at least $120K-$130K. After looking at the appraisal, out of 6 comps it had 2 foreclosures and a short sale that needed repairs. Is this legitimate? I have disputed the appraisal and have my real estate agent running comps. Please let me know your thoughts. The foreclosure inventory is way down in my area, so this doesn't make sense to me.

Thanks for the help and I love this site for this type of help!
Brad