Asked by Judy Rollyson, Sparks, NV • Mon Jul 29, 2013
We have a TIC building in San Francisco. 4 unit. Totally redone and finished in 2008 (studs and up). Beautiful building and great view of the bay. Trying to refi (Wells Fargo) and the appraisal came in about 30% off market. Not 30% off what we "hoped" it was worth but 30% off the actual market. The comps were horrible, room count figured differently subject vs comp, off market comp used with skewed figure, wrong condition used meaning bad adjustments. We have sent better comps - closer in size, condition, type, etc. than those actually used, questioned. The loan officer worked as hard on this loan as we did. We just can't allow this appraisal to derail all that work. What do you do if you get a really bad appraiser and thus a flawed appraisal?
Real Estate in San Francisco
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