appraiser problems (feedback, appraisal, agent, sales)

[wakawaka]

We have been looking to refi and got an appraisal through the lender. The appraiser used comps from 9+ months ago and was not accepting by the underwriter due to that. Both the agent i am working with and myself found a handful of what seem to be reasonable comps but the appraiser is completely ignoring us as we request him include one. The feedback from the underwriter was just need one recent comp added to the appraisal.

Any experience with this? Im not sure what to do.

[Annemieke Roell]

Originally Posted by wakawaka

We have been looking to refi and got an appraisal through the lender. The appraiser used comps from 9+ months ago and was not accepting by the underwriter due to that. Both the agent i am working with and myself found a handful of what seem to be reasonable comps but the appraiser is completely ignoring us as we request him include one. The feedback from the underwriter was just need one recent comp added to the appraisal.

Any experience with this? Im not sure what to do.

There is not enough information in your post to address your problem completely. However, in general terms, let me say this.

Assuming the appraiser is a competent one, based on what you wrote here, I cannot blame him/her.

Just because there are sales in the neighborhood within 6 months do NOT automatically make them comparable.

Sometimes there just aren't any recent sales that are comparable. In fact, as rural appraisers, we frequently use sales 2 years old and older. If the market warrants it we adjust them for time.

I don't know where you are located and what your market is like. All I can suggest is that you hire your own appraiser or, better yet, ask your lender to have a second appraisal done. You will still have to pay for it but if it is ordered by the lender they can use it for lending purposes.

Another suggestion is that your Loan Officer tries to find a lender whose guidelines your loan DOES fall within. Sometimes a lender will reject a loan package and blames it on the appraisal but the real reason is that they just don't want to make the loan. Their money .... their perogative.