Those websties you refer to may use county records versus MLS information to come up with prices. That is probably how the same, lower, number keeps coming up.
You'll need a more in-depth discussion with the appraiser (your lender may ask your agent to do that since the lenders are essentially precluded from talking to the appraisers currently). This is because of the HVCC (Home Valuation Code of Conduct) that was recently enacted nationwide. Lenders order a random appraiser from a blind pool. That appraiser may or may not be particularly familiar with the neighborhood or city you are buying in. One of the main purposes outlined in the HVCC is the lender is not allowed to have any influence over the appraiser and their results so there is less chance of fraud or unjustified pricing.
Since you may be in jeopardy of losing the deal, your agent may be able to ask the appraiser if they might have overlooked some other comparable sales. Your agent may ask what the reasoning was for using the comps they did and coming up with the final value on the appraisal.
The appraiser may have given less value to the home you are buying for several other reasons as well. You may be reading the part of the appraisal that shows adjusted values (drawn by the appraiser) versus the actual recorded values. The other comp(s), (usually you need 3 solid, neighborhood, physically similar ones) may have been more upgraded, shown less obselescence, etc., and caused the home you are purchasing to appear to have less value.
It takes a little work and digging to fix problems like this and you have to be nice and polite to all of the people involved in the financing aspects of your deal.
Was it a multiple offer? Are you doing a low down payment (like FHA, etc.)? Was there a credit from the seller to the buyer for non-recurring closing costs?Sometimes you get an appraiser who is extremely conservative. They have a lot of new regulations to follow and most will be reluctant to appraise a property any higher (and usually lower) than recent comps. It is an unnatural environment and has caused a tremendous amount of heartache and disappointment for a lot of buyers in the past couple of months.
It stems from a lawsuit by Andrew Cuomo, NY AG, against Washington Mutual. In an effort to protect the public from the potential of fraudulent and inflated appraisals, they have clamped down so hard that it has had the opposite effect instead. You can't count on getting a reasonable appraisal. I've had one or two appraisal problems in my 24 years selling over 500 properties. The worst unsolvable problem was for $15K on a Cupertino townhome 21 years ago. Last week I had a $100K appraisal problem on a $650K sale. We have since gotten it reviewed and adjusted closer to the more appropriate value - that is a very long and painful story.
Work on your lender and the agents to come up with more comparable sales to justify the price. One comp doesn't ruin an appraisal, one way or the other. The appraiser may have had 5-6 good comps and had to bracket them (like in the Olympics - throw out the highest and the lowest). Keep asking questions and working on the people who are getting paid to help you buy your home.
Mark Burns, Realtor
Coldwell Banker Premier - Top 2% Worldwide
President - PRDS, Contracts and Forms for Silicon Valley 2008, 2009
President - Silicon Valley Association of Realtors 2007
DRE #00896552 licensed since 1985
MLS postings HOWEVER appraiser has last word on anything lender will only base their approval on published report. BUT report usually has at least 3 - 5 other like properties, info. "averaged" together determine value. NO APPRAISAL is based on just one home.
SOLUTION: either seller sales at appraised value OR skip it move onto another home, no lender will approve a loan over appraised value.
National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Are you sure that no other identical property was sold in the same or within one mile vicinity.
I am inclined to believe that the values quoted by the title companies to be accurate. I would also check the county records.
Try the same loan with a different lender and different appraisal company, you may get a higher value. No doubt you have to pay for the appraisal.
If you need help with finding the values, please feel to contact me at 408-505-5797