Updated almost 10 years ago on . Most recent reply
Should I contest my appraisal.
I just got an appraisal back on a duplex that has 'no direct comps.' There are are plenty of sfr comps, but the appraiser cited a challenge in valuing the property because of no direct comparable sales.
The property was appraised at $255k and we are paying $253. So no direct issues with the appraisal hurting purchase price (it's an fha loan).
based on my calculations though, this property should be appraised Around $280-300k. So, Before I accept this appraisal I am hoping to get some opinions on 2 questions.
1- could a low appraisal hurt or influence future appraisals in a market where comps minimal?
2- should I contest the appraisal even though it's above purchase price? ( my realtor is saying that crazy, but I feel like it's foolish to take him at his word).
Any opinions would help. Thanks!
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