Inaccurate appraisal for a refinance

[Bret Burton]

I'm currently refinancing a property that I bought on an interest only loan with a 3 year balloon. The appraisal came back considereably below the market value of the property. The appraiser used comps that don't match this property. Overall, the appraisal was poorly done. A unit in this complex was sold for 490K with one less bedroom and 700 sq ft less. I needed the appraisal to come back at 525K in order to not come out of pocket on the REFI and it came back at 475K. I'm a Realtor and investor that is very familiar with the value in the area and we expect the property should have appraised between 525K and 550K. 

What is the best way to handle this? Is it reasonable to have the bank order a new appraisal? Any advice is welcome.

Bret

[Joe Villeneuve]

Originally posted by @Rashad K.:

Joe Villeneuve I like that idea.. but how would you find out the appraisers that the bank uses??

 I don't use banks for any refis...I use mortgage brokers.  They play by the same rules, but they will tell you who they use if asked.  Just tell them you're asking because you've run into problems with low appraisals and if they use the same appraisers, you won't waste their time with an application.

Also, it isn't imperative that you use the same one's, that's just a bonus.