REAPE JEFFERS & ASSOC INC

Appraiser showed up on time and asked questions and inspected the property as expected. However 2 weeks latter when I received the report our house was undervalued. I asked if the appraiser understood my home's area and she responded that she did however the report stated that based on homes in my area there is no price difference between a 3 bedroom from a 4 bedroom. having spoken to many Realtors in my area this is not the case. The report also did not reflect any difference in price for a larger size of lot, in some cases my plot was 2.5 times the size of the comp. I didn't expect to get top dollar on my appraisal as our house needs some minor cosmetic work. Houses around us that are 4 bedrooms have sold around 350,000. The feeling I received when reading the explanations on the report was one that the appraiser didn't understand our area and was word-smithed to cover her lack of understanding. Like any home mortgage the loan requires the appraisal to come in at value of the loan, this faulty appraisal did not meet the loan requirements and the loan was canceled.