ATB Appraisals

The Appraiser was from Land O Lakes which is 65 miles and 1 hour 20 minutes away. As the person requesting the refinance, I could not select the Appraiser. Mr. Truman did not know the area, he had no idea of neighborhoods and the different values. His appraisal of our home used 6 comps., 6 other homes, 2 were in foreclosure, 2 were short sales and 2 were distresses sales (death in family and divorce). These homes were not equivalent to ours. Three bedrooms vs four, no pool, circular drive, large water front, etc. His appraised value was 20% below an equivalent home that sold just 12 months previous.Mr. Truman should have turned down the appraisal request as being outside his area. He should have done a more thorough search to find 'comps.' He may have followed the rules to complete an appraisal but failed to consider the location, condition, pool and boat dock, etc that all appraisers would use.