Rant: My cash out refi appraisal came in way lower than I expected

I spent $600 on an appraisal for a cash out refi on my rental in Austin and they valued it at $285k when I was expecting at least $320k based on comps just down the street. Turns out they used a sale from 8 months ago instead of the 3 newer ones that sold closer to my house. Has anyone else fought an appraisal and actually gotten it bumped up?

3 comments

3 Comments

christopher4021mo agoMost Upvoted

Fight it for sure. I’d send them the three newer comps with addresses and sale prices and ask them to redo it. Appraisers can be lazy and just grab old sales that are easy to find. I got mine bumped up by $30k once by pushing back with better comps. Just be polite but firm, and keep the pressure on.

jordan3301mo ago

Pulling comps from across the street worked for me.

nathan_hill6026d ago

What's the worst comp you ever saw someone try to pass off? My buddy had a guy use a house that was three streets over and two years older, then acted like it was a perfect match. The appraiser didn't even catch it until he pointed out the square footage was off by 400 feet. Meanwhile the seller's agent was trying to push a flip that had been sitting on the market for eight months. Whole thing was a mess but they finally got a real appraiser to take a look.