Posted on: 13th Jul, 2012 12:02 pm
I did a refi in 12.2010 for a lower rate and debt consolidation. the apprasial came back at $695k. No issues.
Now I'm trying to refi again. No cash out, just want a lower rate and the appraisal came back $ 500k. In less than 2 years the appraisal decreased by $200k. I am in a metro NYC town that has held real estate value pretty well.
I disputed the fact that the house has 5 bedrooms and offered up comps for smaller houses that sold for $ 580k. The report indicates a 10 room 4 bedroom house. The apprasier stated that an additional bedroom doesn't increase the value of the house.
Is this becoming a common issue? Before I start working with another lender, how can I make sure this issue doesn't rear up again?
I get that there is new oversight on how this industry operates, but I am concerned that I will see this issue if I start the refi process with another lender.
Now I'm trying to refi again. No cash out, just want a lower rate and the appraisal came back $ 500k. In less than 2 years the appraisal decreased by $200k. I am in a metro NYC town that has held real estate value pretty well.
I disputed the fact that the house has 5 bedrooms and offered up comps for smaller houses that sold for $ 580k. The report indicates a 10 room 4 bedroom house. The apprasier stated that an additional bedroom doesn't increase the value of the house.
Is this becoming a common issue? Before I start working with another lender, how can I make sure this issue doesn't rear up again?
I get that there is new oversight on how this industry operates, but I am concerned that I will see this issue if I start the refi process with another lender.
Hi watchung,
The appraisal will depend upon the comps around your locality. Changing the lender may not change the situation. Moreover, it should be kept in mind that in the last 2 years property values have declined due to the severe economic crisis that the country was going through. Nevertheless, you can contact other local lenders and check out if you can get better appraisal for your property from their appraisers.
The appraisal will depend upon the comps around your locality. Changing the lender may not change the situation. Moreover, it should be kept in mind that in the last 2 years property values have declined due to the severe economic crisis that the country was going through. Nevertheless, you can contact other local lenders and check out if you can get better appraisal for your property from their appraisers.