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Residential Appraisal Help Needed

1,072 Views | 8 Replies | Last: 2 yr ago by Aggie09!
Aggie09!
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AG
I've got a family member who made the mistake of ordering an appraisal during divorce proceedings prior to receiving a cash out refi in order to square things away with the spouse.

The first appraisal was ordered as a private client and it appraised at a number that worked for everyone.

They then went to get the refi thinking the first appraisal would suffice.

A second appraisal was ordered through the bank and it came in 20% lower. An appeal was made but the number was still short by about $5,000 and still 15% lower than first appraisal.

A third appraisal has now been performed by the SAME COMPANY as the first appraisal but by a different appraiser in the company. The number came in 15% lower as the original and has wrecked everything.

An appeal is planned. but who knows now that the bank has two numbers on their appraisals that are in close agreement.

Any advice for recourse here? We don't understand how the same company can appraise the home with such a significant disparity with no significant changes in the market over the past 2 months.

itsyourboypookie
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Not really. Appraisers are god
Shooter McGavin
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AG
What city?

Why they were ok with the same company doing reports two months apart is odd.
Aggiehunter34
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S
If you have a realtor friend, you might try to have them pull comps in your area and see what things are selling for. Make sure the appraiser has the square footage right. I have seen appraisers not measure correctly and the place be off a couple hundred square feet. That doesn't sound like much, but in this market that can add up quickly. Appraisers are human too and do make mistakes. There is a process to appeal the appraisal and it sounds like you may have already worked through that.

If you can show that the square footage was not measured correctly then you will have a better fight. Look at your tax office records and anything else that might have square footage listed. None of them will probably be exactly the same, but collect as many things as you can to show the square footage and measure it yourself.

Good luck fighting it and just remember that kindness goes a long way with those guys. I know it is frustrating, but just look at every angle to see how you can get it adjusted.

TxAG#2011
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It's definitely a poor look for that appraisal company producing two pretty different values within such a short time frame.
Jay@AgsReward.com
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AG
The same appraisal company or the same Appraisal management company (AMC)? That is a difference in that the AMC simply hires the actual appraiser not employs or has any say in the value (other supposed quality control functions that do not really seem to be much at all in my experience)
Aggie09!
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AG
Tyler. Not really sure about the rationale with allowing the same company, but they did.
Aggie09!
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AG
The same appraisal company-- not an AMC.
TxAG#2011
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Aggie09! said:

The same appraisal company-- not an AMC.
Not even sure if it's allowed but I'd try to get a call setup with management in that company to explain why the discrepancy and which value is right. That's stuff of nightmares for an appraisal owner. If I had to guess someone there completely dropped the ball and didn't realize they were doing an update.
Aggie09!
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AG
That's the strange part. My relative specifically told the appraiser that his company had just appraised it recently as to avoid this crazy scenario.
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