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usscinfo · Joined: 17 Aug 2011 Posts: 3 1.80 Dollars($)

My appraisal came in 400k lower than '07 and were talking DC.

I don't think the Appraiser is qualified to do 2-4 multi-family residential. 2 of his comps permitted use were as commercial and another was single family (obviously, illegally converted to multi-family).

He used the sale price of a shell and claimed the "upgrades" were similar to mine at time of sale.

My 5 comps came from my neighborhood (as per assessor records), were no older than 90 days, shared the same permitted used code as mine (2-4 multi-family) and contained seller agent description indicating property functioning as multi-unt residential...how better comparables can you find?

This appraiser was lazy in not cross-checking his MLS search to assessor records. RE Agents are strong on adjectives and weak on checking and this appraiser is worse. If the MLS listed it in a particular neighborhood when assessor records proved otherwise or a property was listed as multi-family when assessor records indicated permitted use was otherwise.

Should I get a second opinion first or just file a complaint with the local appraiser board?

chrisgummerson · Posted: Wed Aug 17, 2011 9:45 am Post subject:

Contact a local real estate agent, they should be able to get a BPO done and check on the value that the appraiser stated. You can always rebut an appraisal, you just need proof.

usscinfo · Joined: 17 Aug 2011 Posts: 3 1.80 Dollars($)

The tip is appreciated. Should have done this first. Live and learn.

usscinfo

sabrinatoss · Posted: Wed Aug 17, 2011 9:55 pm Post subject: hi usscinfo!

You have to seek for a legal advice and let them evaluate your situation by telling them all the necessary details. You need a good proof to get out of this situation and you definitely need a strong proof which is not an easy job so try to contact an expert as soon as possible.

usscinfo · Joined: 17 Aug 2011 Posts: 3 1.80 Dollars($)

Good point. Legal help definitely, if i can't avoid it. Hopefully have my review somehow validated before taking action with the local licensing board.

Guest

If using it for a loan the lender has strict prohibitions on challenging values with new regulations. These regulations are intended to limit the lender's ability to influence values. You will prob have to get a new appraisal and lender if you are seeking a loan or if your buyer is..

You may win an appeal...but an appraisal is subjective...and it really depends what you will use it for if it is even worth the hassle.

gmakerley · Posted: Mon Sep 05, 2011 1:39 pm Post subject:

Yeah, you can sue an appraiser...but you'd better have sterling credentials behind you and strong supporting evidence that will back you up when you get to court.

I like the idea of a BPO as a support, and I don't particularly like the idea of running out to the nearest law office to find someone to sue. There's a fine line, and most appraisers are willing to accept reasonable comparables that they might have overlooked, or even considered but discounted for some reason.

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