appraiser's comps, determination?
Hi all, I realize this may be a little out of place, but am hoping to find some appraisers on this board.
We are trying to refinance to take advantage of lower rates and do some work on our house (so a cash out refi). We had our appraisal done, and it came back shockingly low. This wasn't because our values have declined that much... but due to a relatively low number of comparables.
So, he picked 4 comps, all smaller than ours, and 2 additional ones that are listed on sites as shortsales or bank owned. The 2 listed in other places as shortsales he acknowledged in the report as "being listed as fixer uppers on the MLS" but he didn't say they were actually shortsales. And, 2 of the 6 total were only pending sales, not solds.
So, because of size, our house is more closely valued at the fixer/shortsale value per square foot (but I am told appraisers don't look at that value).
So, is it routine for appraisers to use short sales in their comp data without adjusting for it (he adjusted slimly for changes in sq ftage for example; and # of bathrooms. Is there not a similar adjustment for short sales)?
Our area isn't laden with short sales. It is a fairly stable neighborhood where houses are selling, though not many are for sale. So, there is a paucity of comps.
What can I do to "fight" the appraisal? Does that actually work?