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Today I received a copy of the appraisal for the home I am purchasing, scheduled to close in a week or so. One of the comps used is a condo. I am purchasing a Single Family Residence. When I asked the appraiser why he used a condo as a comp, he said it was a site condo. I understand what a site condo is, but that is simply not the case. This is a detached condo, with grounds maintenance, etc included in the condo monthly dues. I explained that the development (which includes both condos and SFR's) are all considered part of this site condo development, but that the unit he used as a comp is a true condominium. Listed in the MLS as a SFR though and in narrative describes it as a detached condo.
He did agree that this one comp significantly reduced the appraisal of the home. Should I even care or pursue an adjustment? Still appraised for more than I am paying and only the lender and I get a copy of the appraisal, so I'm really not seeing a need to revise it. Is there anything I'm missing in deciding not to have him change it? Thanks all!
If your new home "Appraised Out" -- meaning the sell price meets or is lower than the appraisal -- I see no reason to request that the appraisal be reworked. Not an expert, so I am curious to read other responses.
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