Zillow Advice: Pricing - We recently refinanced and the bank had an appraisal done on the apartment http://www.zillow.com/advice-thread/We-recently-refinanced-and-the-bank-had-an-appraisal-done-on-the-apartment/483859/ Zillow Advice | Zillow Real Estate If multiple brokers are telling ... http://www.zillow.com/advice-thread/We-recently-refinanced-and-the-bank-had-an-appraisal-done-on-the-apartment/483859/ If multiple brokers are telling you the appraisal is off then they might be correct. Remember, a list price for an apartment isn't always&nbsp;what it will sell for. It is part of marketing. If you are over priced you will likely not get any offers. If you underprice you will have multiple offers. <br/><br/>As a seller you want to make sure you do not leave any money on the table. Interview a few brokers. See which one seems to know your building and neighborhood the best. A good broker will hear your concerns and be able to respond to them.&nbsp;A good&nbsp;broker that seems to know your building and neighborhood well should also have a strategy that you are comfortable with, a strategy that is tailored to you.&nbsp;I will sometimes list an apartment for a price that is higher then where the market is because the seller wants to start there. That's fine, it is the sellers apartment. If we don't get any offers we can later make a price adjustment. The seller has peace of mind we have not left any money on the table. I feel I have done my job because I listened to the seller's needs and we created a plan that addressed the seller's concerns. Mon, 04 Nov 2013 20:53:00 GMT http://www.zillow.com/advice-thread/We-recently-refinanced-and-the-bank-had-an-appraisal-done-on-the-apartment/483859/ 2013-11-04T20:53:00Z hundreds of thousands off? ... http://www.zillow.com/advice-thread/We-recently-refinanced-and-the-bank-had-an-appraisal-done-on-the-apartment/483859/ <strong>hundreds of thousands off?<br/></strong> Meaning off by $100K or more? NO! <br/>Unless some thing or some body is wrong. If the appraisal is very recent and done correctly it should not be off by that much. Worst case $50K. SoHo prices have not fluctuated by leaps and bounds. Read carefully your appraisal report, most importantly, all the comparables. As you probably know, in SoHo, each building, each unit is different. Make sure those comparable units are REALLY comparable. Besides that, the only other thing that could drastically lower your value would be if somthing very bad happened to your building or block, financially or socially, that would turn potential buyers away. Look hard. It is quite possible that your Refi report was inaccurate. Good luck! Thu, 21 Mar 2013 19:37:00 GMT http://www.zillow.com/advice-thread/We-recently-refinanced-and-the-bank-had-an-appraisal-done-on-the-apartment/483859/ 2013-03-21T19:37:00Z You can put 5 appraisers ... http://www.zillow.com/advice-thread/We-recently-refinanced-and-the-bank-had-an-appraisal-done-on-the-apartment/483859/ You can put 5 appraisers in one room and get 7 different values (sorry Vince). That's just the nature of working with error prone humans.&nbsp;It is an <em>opinion</em> of value after all.&nbsp;But Vince is right, get a market analysis done by a local realtor who specializes in apartments. Wed, 20 Mar 2013 22:41:00 GMT http://www.zillow.com/advice-thread/We-recently-refinanced-and-the-bank-had-an-appraisal-done-on-the-apartment/483859/ 2013-03-20T22:41:00Z We now want to sell and RE ... http://www.zillow.com/advice-thread/We-recently-refinanced-and-the-bank-had-an-appraisal-done-on-the-apartment/483859/ <em>We now want to sell and RE brokers have told us the appraisal is too high. Can a refi appraisal be hundreds of thousands off?<br/><br/></em> Since you are talking apartments, that means the value could range from $500K - $25M, so yes, it could be off by that much. <br/><br/>Apartments may be valued based on CURRENT rents and/or MARKET rents. Rent controls play a factor.<br/><br/><em>Are refi appraisals different that loan appraisals?<br/><br/></em>No,&nbsp;a value is a value. But yes an appraisal can be too high (or too low) because its done by a human being. I would get a second - and third - opinion of value from a Realtor who specializes in apartments in your area....<br/><br/>Contact the appraiser who did the appraisal and get his feedback on the Realtors comments. You deserve it - you paid for the appraisal.......<br/><br/> Wed, 20 Mar 2013 17:36:00 GMT http://www.zillow.com/advice-thread/We-recently-refinanced-and-the-bank-had-an-appraisal-done-on-the-apartment/483859/ 2013-03-20T17:36:00Z