What is the name of your state (only U.S. law)? New York
House appraised 3 time in past 4 yrs. 2008 app. came back at 325,00. in 2010 app came back at 321,00 and house was refianced. Ex was bought out and cash out to make much needed home repairs. New roof,new hot water heater,new walls,bathroom redone,1 bathroom added and pool also redone $80,000 in repairs were made. App in 2012 for another refi to lower interest rate from 5.25 to 3.25 cash out o pay 1 credit card and pay off car loan. App came back at 280,000.00. App that came was unfamiliar with area normaly works out of Staten Island and I live on Long Island. Appraisal states the No updates in the past 15 years. KITCHEN AND BATHROOM IN DATED BUT AVERAGE CONDITION. Kitchen has all new appliances so except for a formica countertop not too sure how "dated" that is. My new roof is considered "average" Out of the 3 Comp sales used I could only find 1 on any real estate web site for recent house sales. The 1 i did find was on market for over a year the house needed to be totally gutted. Apprasier also puts on app."THE FINAL OPINION OF THE VALUES WAS BASED PRIMARILY ON THE SALES COMPRARISON METHOOD. IN THE OPINON OF THE APPAISER THE SALES USED IN THIS REPORT ARE THE BEST AVAILABLE AS OF THE EFFECTIVE DATE OF THIS REPORT. I am disputing the cost of app. with credit card co. and of course the refi can not go forward. I feel the real estate market was its lowest in 2010.Is this a "fair" and or "correct" appraisal? Is there anything I can do with the appraisal company legally???
House appraised 3 time in past 4 yrs. 2008 app. came back at 325,00. in 2010 app came back at 321,00 and house was refianced. Ex was bought out and cash out to make much needed home repairs. New roof,new hot water heater,new walls,bathroom redone,1 bathroom added and pool also redone $80,000 in repairs were made. App in 2012 for another refi to lower interest rate from 5.25 to 3.25 cash out o pay 1 credit card and pay off car loan. App came back at 280,000.00. App that came was unfamiliar with area normaly works out of Staten Island and I live on Long Island. Appraisal states the No updates in the past 15 years. KITCHEN AND BATHROOM IN DATED BUT AVERAGE CONDITION. Kitchen has all new appliances so except for a formica countertop not too sure how "dated" that is. My new roof is considered "average" Out of the 3 Comp sales used I could only find 1 on any real estate web site for recent house sales. The 1 i did find was on market for over a year the house needed to be totally gutted. Apprasier also puts on app."THE FINAL OPINION OF THE VALUES WAS BASED PRIMARILY ON THE SALES COMPRARISON METHOOD. IN THE OPINON OF THE APPAISER THE SALES USED IN THIS REPORT ARE THE BEST AVAILABLE AS OF THE EFFECTIVE DATE OF THIS REPORT. I am disputing the cost of app. with credit card co. and of course the refi can not go forward. I feel the real estate market was its lowest in 2010.Is this a "fair" and or "correct" appraisal? Is there anything I can do with the appraisal company legally???