Can I dispute an appraisal?
Hey everyone,
I’m a newbie real estate investor. I purchased my first home in May of this year at the purchase price of 239K. We renovated extensively for a total cost of 45K so purchase price plus renovation cost is 284K. I just had it reappraised and the new value came in at 294K.
I found some discrepancies in the appraisal report, one being that they seemed to have not listed my 800 sqft detached garage as an amenity, the other being that they listed the closest comp as a two bathroom house when it is really just a one bathroom.
I really need the appraisal to be about 30K more in order for me to be able to pull out some equity for the down payment on my next house.
I don’t want to wait another year for another appraisal. Is there any way to dispute the results of the appraisal?
Thanks in advance!