Financing in Staten Island>Question Details

JOSEPH RUNFO…, Real Estate Pro in Staten Island, NY

What is the most effective way to protest an inept appraisal?

Asked by JOSEPH RUNFOLA JR, BROKER, GRI, Staten Island, NY Tue Aug 18, 2009

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8
Jo-Ellen Ashby’s answer
BEST ANSWER
So the appraiser "weighted" the $352 by making adjustments for the declining market, or for the amenities, or for the time-back of the higher-priced closings.....They're very strict right now, hopefully, this will pass---it's happening on every transaction---but I suggest IF you have just one better comp to provide him in the $380 range, that you call him to offer it up and reconsider.
Jo-Ellen
1 vote Thank Flag Link Tue Aug 18, 2009
Did you get $373,300 as your appraisal? Can you ask the bank to disregard the low one and provide a recent, closer-in-likeness to the subject property to then get your $383-385,000 price?
Jo-Ellen
1 vote Thank Flag Link Tue Aug 18, 2009
The most effective way is to go out and obtain 3 comparable properties that have sold and closed within the past 6 months as close to the subject property as possible. These properties should be similiar in size and style. This will be the best way to prove value.
1 vote Thank Flag Link Tue Aug 18, 2009
go through the bank mortgage consultant - they need to file a letter -
0 votes Thank Flag Link Wed Aug 19, 2009
Hello Jo-Ellen, thank you, yes I got $373,300, and that's all I need, however the appraiser values it at $360,000.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Tue Aug 18, 2009
If the appraiser chooses and uses 3 comparable homes in his report with sold prices of $352,000, $383,000, and $385,000 what would you believe the value of the subject home which is in superior condition to be valued at?
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Tue Aug 18, 2009
What is your issue with the appraisal? You think his adjustments were wrong?
0 votes Thank Flag Link Tue Aug 18, 2009
What if you actually use the appraiser's 3 comparable properties, which in fact show a different result than what the appraiser valued the property at?
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Tue Aug 18, 2009
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