I actually have reasons why I want the appraisal to be lower…
The underwriter paid for the appraisal, and I have a copy. It seems like since there wasn’t exact comparables to mine on the market, the comparables they chose were “B” class homes versus my “C-” type home. In all though, I think it’s pretty strange that these things could still come in so off during these times when banks/lenders should/would be uptight. I guess it helped that I covered my rotting balcony deck with a blanket :)[/quote]
When we refi’d last year they couldn’t find any comaparables since we’d built a granny flat – and at the time had the only (legal) one within several zipcodes. We had the opposite experience of you – appraisal came in lower than we expected. We didn’t care because our LTV was so ridiculously low and we’re not planning on selling or challenging our taxes.
It’s hard for appraisers to generate good numbers if they have no similar sold comps to compare.
