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Can an appraiser use all REO comps and are you responsible to pay if you are sure you have gotten a bad appraisal
I was trying to re-fi and the appraiser used all but one REO comps, she used one comp on the next door house that was a REO and still for sale, and she submitted in her report that the kitchen and bath have not been updated in 15yrs and the entire house was gutted 8yrs ago. I have gotten her 3 more comps that sold in the area and she did raise the value 3k but is still 10k short. Do I have any course of action to fight against her and does this ruin all chances with the lender of re-fi at this point? Appraisers have to much control.
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Unfortunately, The appraisers are not policed as much they should be. It's unfair to use all REO comps on any 1 appraisal. Having said that, remember he works for the bank and is doing his best to limit the risk. So actually getting an appraiser that uses his trade-craft fairly is normally a roll of the dice. You can complain, but not a whole lot else.... Andrew Alfonso
I,m not an appraiser, or an mortgage lender, but when you have a set of sold comps that are close to your property and your value that you would like is still higher than what you can get the appraiser to come up to. You may have the value too high for your home, if you feel that the appraiser is not giving your home true market value you may talk to your lender and appeal for a new appraiser. Just keep in mind home values are not what they were in the past.
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