Send me an e-mail with your actual address and the comps used by the appraiser. I'll take a look at it this evening and see if he/she is indeed on the money with regards to your home value, and if not I'll provide you with some alternative comparables to send up to the bank.
Jacobus "Jack" Vollenberg
RE Appraiser/RE Sales Associate
Vollenberg Appraisers/ERA Statewide Realty
There have only been 2 sales on Colonial Woods Dr in the last year...one closed title in May and one in June.....6/7 months ago. They were both 4 bedroom/3 bath bi-level homes, and sold for $425K & $461K Prices in West Orange are continuing to decline at about 1% (or a little less than that in W. Orange) per month. There is also 1 active on the market for $449K..and it's been on the market 165 days.
Are these prices anywhere in the ballpark of the appraser's report? The appraiser should be looking at similar style homes (bi-level?) as well as neighborhood and condition.
I don't want to be the bearer of bad news, but the appraiser probably gave a realistic appraisal of your home. These values are very different to what they were a few years ago. Realtors can't give appraisals. A local agent may give you local comps but consider that prices are currently reducing by 1% per month. Comps from 6 months ago will already be 6% higher than the valuation for your home.