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Low Appraisal |
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Hi there,
I have a quick question. I had an appraisal done for a refinance and am wondering now if there may be a conflict of interest here. It appears the property appraised for way under what other properties in the area have been selling for. At the time of the appraisal the appraisers (husband and wife I believe) told me that they had several rental properties all in the same area of my house, which is also an investment property. As soon as they told me they had rental properties in the area and asked my how much rent I was receiving I began to feel like there might be red flags here. The appraisal has already gone to the bank and maybe to the underwriter too, I'm not sure. Is there anything that I can do in this situation? I was unable to get the loan that I had wanted and had to settle for something less because the appraised value was about 10,000 less than the lowest needed for my loan. I just can't shake the feeling that there may be a conflict here.
Thanks,
Stacy Graff
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Income property is often appraised by an analysis of net rental income -- what return the investment is yielding. And tenant-occupied property is sometimes in poorer condition than owner-occupied. But you can ask for a re-appraisal by a different professional. |
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Edith
Originally published on September 21, 2008 |
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