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.
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.