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Roxy, Home Buyer in Gardena, CA

How do I legally require appraiser to revise report when it's comps are foreclosures and unusual transactions?

Asked by Roxy, Gardena, CA Tue Feb 3, 2009

I just received my RE appraisal and it was valued $130K below comp sales in Dec 2008. I looked up the comps used and they were from foreclosures or other unusual transactions. The company will not revise. What government agency can i report this to and is this an acceptable real estate appraisal practice.

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Dear Roxy,

First question is, for what reason are your getting an appraisal? For instance, if is for a Relocation and you have a "Buyout" with your Relocation company then is usually looking for a quick sale and if the foreclosed properties are true comparable's, except for the fact they were foreclosed. Then, I can see why they would use them. ( Quick Sale ) Usually in an appraisal, they should use true comparable sales and note if it was a distressed or foreclosed property. Then again, if those are the only Sales in the area, then that is why they would have to use them. I would call the Company that you paid to appraise your home and ask them to go through it with you and to answer all of those questions. If the appraisal was for a Sale that you have on your home and it came in low.....I hope that it was not FHA or VA for the Buyers financing, those I believe stay with the property for 6 months .
0 votes Thank Flag Link Tue Feb 17, 2009
Normally distressed sales are not used but most of the market is distressed at the moment. They might have been foreclosures but were they similar to your home? Why are you selling in a down market, Maybe your home is a distressed sale?
0 votes Thank Flag Link Tue Feb 3, 2009
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