“The Appraiser Screwed Us!”
The appraiser screwed us! My Realtor says the property is worth every bit of $290,000 purchase price, but to come in with a value of $265,000 is crazy. The Realtor gave a copy of the appraisal to the selling agent but not sure where it goes from here. I remember Janice telling me one of the offers they had was all cash, but not sure of the amount. She is telling the other side that we will have to pay the appraised value. Will keep you posted.
It is certainly easy to blame the appraiser for an appraisal that comes in less than a purchase price or your estimate of value in a refinance. However, an appraiser can only use comparable sales that are similar to the subject property and within a certain radius. If there are better comparable properties outside the radius, they most likely wouldn’t be used.
I had conversations with both Realtors about the appraisal, both feel the appraisal is wrong. I asked them to get me some additional comps and explain why they should be used instead of what the appraiser found. I will send them into the appraisal management company to review. The information must be compelling otherwise the value will remain the same.
In the current environment of multiple offers, appraisal issues can happen.