Competing Comps in the building should carry the most weight in the Market Value opinion. The appraiser
could have used the subject building older sales for grid comps 6,7,8 and make at time adjustment. Example
A competing unit in your building sold 14 months ago. In the time period between the sale 14 months ago
and today the market median value had a decrease in value of 10%. Multiply the sales price of 14 month ago
x 10%= Today's estimated value. There is a little more to the process but this give you a basic Ideal how to
use older sales in an appraisal report.

Read Jack Schlenk Blog , What is the value of my Property and there articles (25+)

Hello - It certainly couldn't hurt to get another appraisal. The fact that no other units have come up for sale in your buidling in the last year is a good thing and should help to increase the value of your condo. If you'd like another name of an appraiser, please let me know. You can reach me any time at 312-560-9691 or lauralattin@atproperties.com.

Well, as a loan officer with experience in this area, I can tell you the following:

1. You can attempt to fight the evaluation by searching yourself your comparables in your area (must be no more than 6 months old, within a one mile radius and must be comparable to your home).

2. Likely, another appraiser will use the same comps that the other appraiser used. They typically use the Illinois MLS to locate these comparable sales.

3. Chicago is a declining market. Appraisals determine what your home is worth which actually means what a person would pay for your property if it sold at current market. Due to the uprise of foreclosures in the Chicago area..your home suffers. Let's say the condo across from you was foreclosed and sold in a short sale for $100,000. This unit and your unit are similar. So, the question is..what is your value in a buyer's eyes? $100,000. Sounds like a lot of rhetoric but this is how properties lose value without anything changing but time.

4. I know rates are low and if you don't think you will qualify for a loan due to the lower value. Try asking for a "short refinance". This is a possible option for people that are either upside down on their properties or have loan to values higher than Conventional and FHA guildelines for refi. See if your lender has something at this website: http http://:www.hopenow.com

Sue,
There are plenty of professional appraisers out there - pity the one who used such disparate and unrelated properties to evaluate your place was not one of them. I suggest either a) demanding validation by this guy of the method he used whereby 1150 or Sandburg equates to your Gold Coast vintage or b) get an appraiser who knows the area and can assign a more accurate value.

Best of luck!

Thomas McCarey
Certified Negotiation Expert
Accredited Buyers Representative
Luxury Home Marketing Specialist
The Real Estate Lounge Chicago with @properties

Most appraisers will actually only go back 6 months for comps. Check with your registry of deeds and see if any of the units sold fsbo. The appraiser may not have checked and that will help you...