Asked by Whitney, Boulder, CO • Thu Apr 19, 2012
Our appraisal for our refinance came back very low (surprise!)...$15,000 lower than our appraisal done just 6 months prior...BEFORE the 203K rehab and our market in our neighborhood showing a 12.5% increase . When we reviewed the report and caught a laundry list of errors: square footage off by 200ft, states our updates/improvements took place MORE than 5 years ago (though work just completed in Dec 2011), states that our property is superior to 4 of 5 comps used but appraiser takes a $44500 depreciation deduction. And then there are the comps that were used (which is a whole other story). Obviously the errors impact value, but even after filling out the rebuttal paperwork with supporting documentation the appraiser refuses to open his report and correct the blatant errors. This sounds like highway robbery! Help!
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