I got a great deal on a fantastic house.due to the circumstances of the sellers. But this appraiser valued it far below the price per sq ft of the comps and simply went with the price I paid for it eight months earlier in spite of the fact that we did over $23,000 worth of improvements in the meantime. The average psf of his comps were $138 after his adjustments and he put me at $122. That put my loan to value high enough I had to have mortgage ins. If he had used the avg. price his comps were at, I would have been fine. He didn't even consider the comps in his valuation, only the purchase price.
Cons: history of low valuations
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