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#465084 - 05/31/19 04:51 PM Appraisal dispute question
zpcsc Offline
Veteran Member

Registered: 08/29/05
Posts: 797
Loc: Florida
hello, I'm representing a buyer on a multi family fourplex. The appraisal came back $75k under contract price. The appraiser used a comp from 8 months ago which was a triplex, a duplex with a bad roof, and the 3rd was good. The subject property was built in 2004 the others were built in 1950 and he didn't adjust for age. The seller is closing another one in the area for $790k another fourplex a little larger on Wednesday. The listing agent's realtor said to wait till then to dispute the appraisal, but from what I hear disputing doesn't take you far. The buyer is now thinking he's paying too much! He's at a 7% CAP, which is not bad in my area. As I'm representing the buyer, who should be disputing the appraisal? How do we go about requesting another appraisal? This is the first time I have this issue.....

Thank you.
_________________________
Zoila Perez-Chanquet
The Cardenas Group Realty
www.zmiamihomes.com

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#465086 - 06/01/19 05:40 AM Re: Appraisal dispute question [Re: zpcsc]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2357
Loc: Outer Banks
I tried talking to an appriser once and it was not good. I do not know of anywhere you can go to appeal this.

You have a few choices here. The buyer can pay the contract price, the seller can lower the contract price, they can split the difference, they can split the difference with both agents contributing, or the buyer can walk away.

The thing you have to be careful with is to not make an enemy of the appraiser, because you will have to deal with them in the future.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#465106 - 06/03/19 09:25 AM Re: Appraisal dispute question [Re: zpcsc]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 373
Loc: New Hampshire
Are the rents about the same in the two different 4-plexes? Are the appraisers different for the properties?

Is there deferred maintenance or maybe an access issue that affected the value?

Generally, I agree with Bigtoe about the difficulties of persuading appraisers. But, good ones can sometimes make a mistake and may even be willing to re-consider if they are presented with better data than what they used. If you can find some sales that are comparable (age, location, sale, size, etc.), a polite professional call might not hurt. These are rare situations and Bigtoe's counsel is right on not to make an enemy of the appraiser.

I probably wouldn't bother complaining to the licensing board. It won't help your sale and you may just make an enemy without winning anything.

If you would, let us know how it goes.

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#465112 - 06/03/19 07:26 PM Re: Appraisal dispute question [Re: zpcsc]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 373
Loc: New Hampshire
Idle curiosity: working backwards off an $800K sale price and assuming a 1,000sf apartment X 4 units, would I be in the ballpark if I guessed that the rents on this were above $2,500 per unit? That seems high, and the units may be way bigger, but I was curious.


Edited by Long Walk (06/03/19 07:27 PM)
Edit Reason: clarified rent

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#465214 - 06/07/19 02:17 PM Re: Appraisal dispute question [Re: zpcsc]
estatereal Online   content
Major Contributor

Registered: 01/27/07
Posts: 3296
Loc: LAND OF THE FREE!
short answer. I see low appraisals, but I don't see them adjusted unless there is a blatant error. Lets be realistic. what value would an appraisal have if every time they came in low they were disputed and the value were adjusted up to say what it needs?

i'd bet against it coming up in value if i had to put money on it.

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