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Company Loan Type APR Est. Pmt.

Underwriting Rejected Appraisal ($600) What Can be Done now?

Posted on: 18th Aug, 2012 09:08 am
I fully qualified for a refi mortgage and then paid $600 for an appraisal for my 2-unit duplex I do not reside in. Once the underwriters got the appraisal, they rejected the refi because they did not like the comps. The appraisal came out way under what many, many people would pay for it, but that isn't the problem since I have pledged to make up the difference with cash. The are rejecting the appraisal even if it said $1.

I have asked my lending officer 6-7 times to please find out what exactly is not acceptable with the comps (too far away, too old, etc.) but I do not get an answer. So I'm going to lose a precious $600 and I can't get anyone interested in helping me.

Does anyone have any ideas on what I can do at this point; I feel my $600 was spent recklessly and no one is helping me understand why.

I have searched for comps myself (near Harrisburg, PA). And my township is so desired by investors (who may have a similar duplex), they'd be insane to sell, so there are a lack of duplexes that sold within the last year (much less a RANCH style duplex). There are several 2-story duplexes, but no ranch-style (which are more desirable). Unfortunately, the underwrites, being ignorant of this fact, are mistakenly taking the lack of sales as something negative and not positive.

Any advice is greatly appreciated/needed!

hi tonytonini,

you can contact other lenders and check out if they will be able to provide you a mortgage refinance for your property. it is not mandatory to refinance the mortgage with the same lender.

Posted on: 19th Aug, 2012 09:03 pm
Posted on: 20th Aug, 2012 10:53 pm
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