Asked by Pete, 07075 • Wed Jan 9, 2008
comparables to bring the price down from the most recent and relevant. I have already paid for the appraisal and rather not pay again for another appraiser who may do the same thing. It feels like the appraisers are afraid to put anything "high" because of all the over-appraising that went on for the past few years.
He sent me all the comps he is using (9), 3 of which are truly comparable (or even a little worse) 0.2 - 0.7 miles from my house and between 1-4 months old. Of the remaining 6, 1 looks like a foreclosure sale and 5 are older than 6 months and do not compare in size. There are not too many comps as it is a small town and this is a 2-family home.
I am preparing an explanation as to why he needs to re-evaluate the numbers, those 6 homes are bringing down the appraisal by over 15%. Is there something I am missing? I tried to get the mortgage broker to talk to him and he's saying "ethics..." What's unethical about appraising a house for it's true comparable value?
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