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We recently had an appraisal done on our home as part of a…

We recently had an appraisal...
We recently had an appraisal done on our home as part of a refinance. The appraiser used comps that have us questioning whether they were appropriate or not. We own a ten acre horse property in a community noted for its equestrian activities. We are in the midst of a large horse community with a dozen horse properties on our road alone. The comps used by the appraiser were of two acre subdivision development properties from a development 8 miles away. We feel the methodology of the appraisal was off. Of interest, several neighboring horse properties on our block have sold in the past year including one built by our builder same year as us, and on property identical to us. None of the neighboring properties were used in the comps. The guidance we seek is help in understanding whether we were comp'd accurately.
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Answered in 4 hours by:
1/14/2018
WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 4,469
Experience: Experienced real estate lawyer and real estate broker.
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The comps used do not sound appropriate, and since there are similar properties on your street that have sold, those are the comps that should be used, not irrelevant properties from a housing development two miles away.

I suggest that you inform the lender for the refinancing of these errrors and bring in your own appraiser.

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Good luck to you. I wish you all the best.

WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 4,469
Experience: Experienced real estate lawyer and real estate broker.
Verified
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Customer reply replied 4 months ago
Unfortunately real estate appraisals in the state of nj must be done by a random draw amongst third party subcontractors to the lending institution, or by their own in house personnel. I have been informed that the option to bring in my own appraiser does not exist. We did bring the irrelevancy factor up to the bank and are actively seeking a refund of our appraisal fee based on incorrect methodology. Thank you for your help.
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