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I had refinanced my mortgage 5 years ago and at that time, I had the house appraised by the lender and it turned out to be $210,000. I've done some repair work on the home and started paying for the home. Till now, it's paid down to $200,000. I'm thinking of refinancing to a low rate (no cash out) but the lender's appraiser calculated the value is $180,000. my application has been denied. I have the feeling that they are trying to keep me at the high interest rate itself. Can I complain against these guys and to whom?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Derick,

You can file a complaint against your appraiser to the IRS at the following address:

Internal Revenue Service
Office of Professional Responsibility
Attn: SE: OPR – Room 7238/IR
1111 Constitution Avenue, N.W.
Washington, DC 20224

Niicss · Posted: Thu Aug 16, 2007 11:11 am Post subject:

First you should check whether appraised value of your house is actually higher than what lender's appraisal is coming to or not. If you find that the current value is lot more than lender has stated then definitely you have the legal rights to complain against it.

You should not go just by your feeling about it. Confirm that the value is more, get proof of it and then only complain against the lender.

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Guest

Even if you complain with legal authorities they will ask you to show proof which proves your point. So it is necessary that you confirm that you house is valued more than lender is stating it is.

evolovik26 · Posted: Thu Aug 16, 2007 7:40 pm Post subject:

Depending on where you live in this situaion could be true id ask for a second oppinion of a local realtor or a broker and if your lender is tryingg to keep you at a higher rate simply refinace with another lender. Some lenders are notorious for their lowballing of property values. And espesially now when everyone is concerned with the market.
I had an appraisal from my Appraiser shot down from 210 down to 165k by te lender. I went back to the appraiser and when all was done turned out lenders appraiser put comps in there that deliberately lowered the value and one comparative didnt even exist. The loan went through bu i got a bad aftertaste from dealing with that lender

mikeshapiro · Posted: Fri Aug 17, 2007 11:24 am Post subject:

Hi Derick,

I doubt the lender would like you to stay at a higher rate. The loan officer really doesn't care what rate your at and only makes money on selling you a loan, not at keeping your higher rate. The lending company doesn't make money on your higher rate either, its the secondary investor who bought the loan.

I've been appraising for many years and have never been asked to appraise a property low, yet we constantly get asked to inflate values.

Hope that helps, basically I highly doubt the lender/appraiser are conspiring against you.

FYI if you do still feel you should file a complaint, you need proof of your claim and you file it with the state board of appraisal.

blue · Posted: Fri Aug 17, 2007 2:31 pm Post subject:

Two good points raised by Evolovik and Mike.

If lender is trying to keep you with a higher rate loan, contact few other lenders for the refinance. You need not stick with the same lender.

Secondly, if you are sure that appraised value should be more than what lender's appraisal is stating it to be, then you will need to get proof of it and then only approach State Board of Appraisal.

Thanks
Blue

wildstorm_films · Joined: 22 Aug 2007 Posts: 130 8.74 Dollars($)

As what everyone else said, mingle with other lenders first before settling in on a lender. Thats one thing I should have done before signing the forms.

Guest

We had our new house appraised by an FHA approved appraiser and he found 2 miniscule pieces of trim work to be rotten. He said that the 100% approval would be contingent on us repairing the trim prior to closing which we have done. I emailed detailed photos of the repair job which he deemed were not sufficient evidence and that he needed to come out there again and take a look first hand. I feel because we live in a hard to reach area and the cost for him to come out each time is $890.00 that he is trying to cash in another $890.00. Who can i file a complaint to.

apexoffice · Posted: Thu Dec 23, 2010 1:32 pm Post subject:

First of all, $890 is crazy. You must be at the north pole or something.

But to answer your question, for any appraiser to clear the condition based on photos is highly unlikely. If photos were sufficient, the underwriter probably could have cleared the condition without the appraiser. Most likely, the underwriter has requested that the appraiser verify that the work has been done and submit a completion certificate. I personally would not submit this form without inspecting the property and verifying the work has been completed. When the appraiser signs that form indicating that the work has been performed and the property now meets the requirements of the appraisal, he is placing his license and career on the line.

gmakerley · Posted: Tue Dec 28, 2010 10:17 am Post subject:

I dont' think there is any residential real estate at the North Pole, other than Santa's house...oh wait...where do the elves live?

I am in full agreement with Ben - no appraiser is going to sign off on repair work based on photos. Might he never have heard of Photoshop? I also agree that $890 is pretty steep for an inspection, but your location may just be the sticking point there.

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