QUOTE (Sherilynn @ May 3 2010, 08:22 PM) Thanks for that, but we have since found a new appraiser that understood the true value. Her appraisal came in $30k higher than the previous appraiser`s (so well within the range we thought it should be).
Funny though. We had temporarily given up on the Genworth mortgage and instead were working on refinancing another legally-suited house. When the appraiser called, his voice sounded familiar so I asked if he had done another appraisal for me at xxx address. He said it didn`t sound familiar. I replied, "that`s good, because the previous appraiser apparently didn`t understand the whole legally-suited-house thing." We booked the appointment. When I returned to the office, there was a message on my voicemail stating that he had suddenly been called out of town and he would have another appraiser call me to rebook. I`m pretty sure that he checked his records and realized he had been the appraiser with whom I disagreed.
I came armed and ready to the next appraisal. I had comparables pulled from the last 6 months (since there were no similar properties sold recently in either area).
Since the replacement appraiser accurately appraised the regular refinance, I requested that she also re-appraise the Genworth property. And BINGO!...all was well with the world!
Regards,
Sherilynn
Appraisers are important members of your team, like brokers, lenders and real estate agents. After going through a number of bank-appointed appraisers, I found one through a broker that appraises my properties on what I would consider to be on the high side vs bank appraisers. Thankfully, my bank is understanding and allows me to use this appraiser on all my transactions. Its a win-win-win between me (good appraisal), the appraiser (additional transactions. 3 alone in the last year) and the bank (additional lending). He is a valuable member of my team.