APPRAISERS PLUS

This appraiser was assigned by my lending company for a refinance.  I have considerable experience with real estate appraisers, having used five in the past 10 years.  This appraiser valued my home for more than $70,000 lower than what it appraised for 7 months earlier (real estate agents tell me that prices have not changed significantly in the past 7 months in my area).  Some of the "comparables" he used were ridiculous.  By the appraiser's own numbers, our home has 50% more square footage than one of the supposed comparables.  At the same time, the appraiser did not use a home of very similar size sold only one block away in the past six months.  Another supposed comparable was a distress sale where the owners took far less than asking price after 1 day on the market.  That would have raised a red flag for any diligent appraiser.  When I tried to talk with the appraiser, he was a know it all saying "I have been doing this for 20 years and know how to get it right."  But he did not know the unique market conditions in my area and did not make the effort.  I did not appeal his result because it was close enough to what I needed to refinance.  However, I would caution others who are assigned this appraiser.  If possible, ask your lender to assign someone different, and if that does not work, look closely at his analysis because it was very weak in my case.

MR JEFFERY WAS ON TIME, FRIENDLY, POLITE, & EFFICIENT. THE APPRAISAL WAS TURNED IN TO THE LENDER ON TIME, WAS VERY THOROUGH, & WAS PRESENTED IN AN ORGANIZED FASHION.