Tim (owner of Perrine Appraisals) was hired by my bank to do an appraisal of my home for a HELOC request. I was very surprised by how low his appraisal came in on my property. His appraisal was about 50-60% of what the property is worth. While it didn't directly impact me as my HELOC is still with in the LTV requirements (since there is no primary mortgage), it was really frustrating to see.
Upon further review, I noticed not a single one of the comparable properties he used on my appraisal had direct ownership on the chain of lakes my property is on. I would have expected someone in the "lakes area" to better understand how to appraise lake homes. Hopefully, Perrine Appraisals can take this candid feedback into future appraisals. read more