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Appraisal dispute

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byoross

Freshman Member
Joined
Oct 21, 2010
Professional Status
General Public
State
New Mexico
I am working to start a new small business. The lending institution naturally wants to secure the SBA loan with a lien on personal property owned. The appraisal company came in over 100K lower than expected explaining that the improvements to the land are only worth 2K. The improvements are a 2000 sq/ft home and a 2000 sq/ft work shop for a professional knife maker. Bank says there is not enough value from the appraisal to support the banks position. How do I go about disputing the appraisal?
 

Rice Brewer

Member
Joined
Dec 14, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
Are you, perhaps, located in Cimarron?
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
What is the size of the parcel (or, parcels) of land that the improvements are set upon?
 

byoross

Freshman Member
Joined
Oct 21, 2010
Professional Status
General Public
State
New Mexico
The property is 2 acres in Bosque farms, NM
 

TC

Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Is it possible that the property is not worth as much as you think?
 

byoross

Freshman Member
Joined
Oct 21, 2010
Professional Status
General Public
State
New Mexico
I should have the appraisal by the weekend to see what properties she had compared it to. I don't know of any that really are comparable when it comes to the structures and have lived in the area for 25+ years. She told me that the property was worth $82K. per acre leaving only $2K as the difference in the balance she quoted the bank. The living structure alone should be worth at least 10K even in the worst possible condition which I'm please to say it is not. The massive shop is less than 10 years old and the metal framework and structure built to withstand incredible weight of equipment within.
 

Brian Weaver

Senior Member
Joined
Apr 16, 2005
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Illinois
I should have the appraisal by the weekend to see what properties she had compared it to. I don't know of any that really are comparable when it comes to the structures and have lived in the area for 25+ years. She told me that the property was worth $82K. per acre leaving only $2K as the difference in the balance she quoted the bank. The living structure alone should be worth at least 10K even in the worst possible condition which I'm please to say it is not. The massive shop is less than 10 years old and the metal framework and structure built to withstand incredible weight of equipment within.

Oddly, I've driven past Bosque Farms but never stopped. Was headin' to Santa Fe. High desert...no prickly pear as I recall.
 

TEL2002

Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
Was this a residential appraiser or a commercial appraiser? Sounds like you need someone that does commercial work.
 

byoross

Freshman Member
Joined
Oct 21, 2010
Professional Status
General Public
State
New Mexico
Bosque Farms is the higher end retirement type area of the county. The local gov't of the county does not allow business to move into that part often. Its all residential with acreage and some field crops. You're not likely to find much cactus of any sort beyond decorative landscaping.
 
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