The appraiser did not have a chance to survey the apartment. How do I go about petitioning for a reassement?

Specs on my house...
Total Bdrms 4, Year Built 1989, Fuel Type Natural Gas, Total Full Baths 3, Total Half Baths 1,
Walkout Basement, Basement Unfinished , Heat Type Forced Air, Exterior Vinyl, Central AC,
Total Sqft 2,576
Above Grade Sqft 1,976
Below Grade Unfininished 675 (wanting cash-out refinancing to finish)
Below Grade Finished 600 (an attached yet separate-entry studio apartment)
2 car garage
.33 acre lot
walking distance from downtown and PSU

My amateur comps...

recently sold in my area
currently listed in my area
very similar, 2 blocks away

Had better be objective - See USAP gidelines.Under federal authority and price fixing is a crime. Hint Always go first to teh PV and use the number as a gauge. Second , avoid intially the adjusted sales, look close at the "Actual Sales" figures.

Finally , beware of huge adjustments - property likely does not comp.

msoliman http://www.borrowerhotline.com

I doubt you found better comps than a licensed appraiser. there is an alternative:

I would suggest trying to get an FHA 203k renovation loan, which allows you to borrow for home improvements based on "after-completion values". Ken Lazowskii in my office is a 203k specialist. klazowski@fifcorp.com or call 800 999 2489 and ask for Ken Lazowski.

A streamline k is used for repairs/improvements under 35k and much faster,

Good Luck!

To answer your question....No, I would not pay for another appraisal. I recently helped a former client of mine who wanted to refinance. The appraisal came back much lower than what was expected. I did a CMA for him and was able like you to find comps, better comps. I prepared the CMA and suggested he submit it to the underwriter who will in turn go back to the appraiser and ask for a re-consideration of value. In this particular case, it helped.

Keep in mind the comps you may think will work may have already been considered by the appraiser as not being comparable. This is why I suggest you do the above. All they can do is say no. It's worth a shot. My suggestion first, would be to contact a REALTOR and ask them for a free CMA. See what comps they come up with.

You can ask for a new appraisal but I would only do it if you have a particular reason to believe the appraiser made a mistake that seriously deflated the house's value. For example he miscounted the number of bedrooms, etc. Again I would have a REALTOR look it over and ask for their opinion. They may think the appraiser is right on track or suggest you request a reconsideration. In my opinion this is most cost effective approach than paying for another appraisal.

Please keep in mind, the bank/appraiser does not care that you need X amount to finish your basement. If this appraisal came in at this price, chances are the next one will too. Maybe you need to wait a little longer before finishing your basement or do the best you can with what they give you. Again I would ask for a reconsideration before giving up.

Contact a REALTOR of your choice first. If you currently do not have one in mind, please consider giving me a call. I should be able to tell you whether I think the appraisal is right on track or not. This comes from years of experience.

Good luck and if anything let me know how it turns out.

Maria
maria.hughes@remax.net