I just got my appraisel and the comps they used were houses that sold before the RE price hike hit my neighborhood. Houses are selling for were bought at 90-100 and sold flipped (not much of a flip but those are the numbers) 120-140k. They are comping mu house at the pre-flip prices. Why would they do that?
There could be a few reasons
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The appraiser field now a days is under investigation do to high appraised values a few years ago (At least in CO,AZ,NV and AL)
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You hired a very conservative appraiser.
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You hired a ROOKIE…
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Values fell in the area.
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That is what the house was worth.
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The comps had high dollar finishes.
The list could keep going and going.
Thanks.
If you are sure of your values, hire yourself a second appraiser and make sure the individual has local knowledge when you call.
I had 4 people explian why they did it. It reallt is worth 20k more than appraisal.