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Any Property Management recs in Seattle area? :(
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Doubtful you would be able to. Appraisal practice is an art not a science.
Subject Expert
This. 3 different appraisers might give you 3 different opinions. I’ve gotten bad appraisals twice, appealed both times, and got effectively no adjustment. That’s just the way the game works.
It’s frustrating, but a lawsuit won’t get you anywhere.
Never heard of such a thing. It’s like suing a bank for declining your loan - good luck. I originated mortgages for over a decade and had plenty of clients pissed about unfair comps or appraisals. There’s no recourse other than convincing the lender to order a new appraisal (hard as most can only do so under specific circumstances in order to avoid the appearance of juicing values to get s loan done) or providing new/different comps to the appraiser that may be off market that they couldn’t find (a great idea if there are some).
But appraisers follow very specific guidelines when selecting comps - they have to use the ones that are most recent and closest unless there aren’t any and then they can circle out in certain specified distances and time periods. In markets where prices move fast or there are lots of “hip pocket” sales that don’t hit mls, this can result in appeased values that are way off. But appraisals aren’t some hard line in the sand on value. They are just a baseline and lenders understand they are more art than science. It’s rarely an exact indication of what you could sell a property for.
Plus remember appraisers have zero incentive to low ball on purpose. They want banks to keep hiring them and in fact are more likely to overstate values to please clients and retain business. That’s why there are strict rules around how they can use comps.
There is a higher than average chance… I’ll learn to write one day.
Our appraisers have always been hired by the bank - it is in everyone’s interest to get you the loan- so it’s not good if you can’t hit numbers. You can increase your down payment if you really believe in the property, but maybe take it as a blessing in disguise?
Happened to me (as buyers agent). House didn’t appraise. Went back to seller and they met us to a good point, where we got the house cheaper and only have to bring a few extra thousand to the closing table.
It can be a blessing in disguise. Explain the situation to your agent and have them talk to the sellers agent. Maybe they can take something off the price.
Mentor
No, go with another appraiser, it’s that simple
Also take down all pictures of people and have your white friend pose as your brother in law house sitting for the weekend. I did that and my appraisal went from 1.3M to 1.6m
Mentor
Hey save that bad appraisal…you’ll be thankful for it once it’s time to argue your tax assessment
Appraisers are usually licensed by a state agency. I would report it but doubt you will have much luck suing them. There is always E&O insurance if it’s egregious.