We're buying a new house and just received the appraisal and were unpleasantly surprised how low it was. I immediately identified that one of the comparables the appraiser used was flat out wrong, they had an active listing as a comparable that is listed at $190k in the appraisal, but is actually listed for $498k (the other four comparables and our house are all $430k and above for comparison). It appears the appraiser completely messed that up. Given that significant error, I'm really questioning the thoroughness and accuracy of the rest of the appraisal. A couple of other things jump out at me, one is adjustment for GLA differences, they are valuing it at $18 per square foot, so our house is $9,000 more valuable than a comparable with 500 less square feet. Given that the sale price/GLA of the comparables is $106 to $162, that seems low to me. Aside from the square footage, and this I'm just not sure about, they did not adjust for different numbers of bedrooms, so my question is whether it's reasonable that a 3500 square foot house with 5 bedrooms has the same value as a similar 3500 square foot house with 4 bedrooms, I always thought bedrooms added value. Similarly, it doesn't seem like appropriate adjustments were made for square footage in the basement. In our area it is common to have full walkout basements finished to a comparable quality as the above grade portions. In our house it is a full walkout with plenty of windows and will be finished with a large family room/rec room plus another bedroom and 3/4 bathroom. One comparable did not have a finished basement and was 600 square feet smaller in total square footage in the basement, so the value of our home was increased $25,000 relative to that house, that makes sense (though a value of $25,000 on 2,100 square feet of finished basement seems a little low, but at least its something). However, the appraiser did not make adjustments for the basement for any of the other four comps despite what I think are significant differences. In the case of one comp it has over 1,100 less finished square feet and 700 less total square feet, but no adjustment was made. In another case the comp had 800 less finished square feet and 1,700 less total square feet and there is no bedroom in the basement, and again, no adjustment was made. Finally, the appraiser appears to have made a mistake on age adjustments. Our house and three of the comps are new build, so there are no age adjustments. One of the comps is five years older, so our house was adjusted to be $2,500 LESS valuable due to this age (negative sign), while another was six years older so our house was adjusted to be $3,000 MORE valuable due to this age. Obviously I tend to believe that a new house is more valuable than an older house, so I'm pretty sure the sign is just wrong on the five year old house. It should also be noted that these adjustments are less than 1% of the total price, it seems like a new house should carry more of a premium than that, but I'm less sure on that. I appreciate any feedback the experts here can provide. I'm working with a mortgage broker who is supposedly following up on my appraisal, but I'm just trying to educate myself as best as I can.