Posted by Randy Banks on November 06, 2000 at 07:20:36:
Ed is right that appraisers must comment in their reports on all prior sales activity in previous 12 months. The appraiser would have to comment as to why his opinion of value is so much higher than recent sale of property. There might be a reasonable explanation but the appraiser would have to deal with significant inconsistencies.
As to contesting the appraiser, do not hire your own, as most lenders always demand that appraisers on their own list be used. This is because the appraiser is advising the lender, not you. Do get a copy of the appraisal and examine the comps and adjustments made by the appraiser. Did appraiser use the most recent comps from your neighborhood and most similar. If you have better data, you can submit that to the lender and ask for reconsideration. Appraiser’s conclusions are not etched in stone. I know, as an appraiser, if I am furnished better data I can and will reconsider my opinion of value.