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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2557
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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We are building a new home in Colorado and working getting a

Customer Question

We are building a new home in Colorado and working getting a construction loan from a local credit union. The received the appraisal and it was lower than we hoped for (by about $60K). We looked at that appraisal and noticed what we think are mistakes. Here are some examples that I took off the appraisal;
-Roof Surface, composition?? We are using roof tiles;
-Fence marked wood, actually using Iron/Aluminum;
-Den on main level that should be considered a bedroom 3 (only has 2 listed)
-No adjustment for Lot when Comp 1 lot was $40K less (12850 sq. ft) and Comp 2 (9850 sq. ft.)was builder owned lotThe bank asked for a variance on the appraisal but the appraiser made not concessions.We are in the process of getting a second appraisal but what can we do to make sure that this doesn't happen again? It is slowing down the building process and adding cost at about $600 per appraisalAny suggestions would be appreciated.
Submitted: 5 months ago.
Category: Finance
Expert:  Brandon Gill replied 5 months ago.
I would suggest being present during the appraisal. Often times you can help the appraiser by pointing out important details.They will often listen to you and incorporate your input. In the event that you are paying for these appraisals, consider a lender who will pay for them as part of the application process.