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Since you obviously know the market value, and the appraiser doesn't; just convince them that they should trust you and not the appraiser.
That's what I'm trying to do ETex, thanks. Unless this is just your way of inserting a wise-ass comment that is not helpful.
There are good, competent people in every profession. But conversely, there will always be some that just don't know what they are doing. Not using any of 5 comps on my street that sold w/i past 4 months is glaring incompetence.
I would try another lender. Some lender are known to use appraisers that come in with lower appraisal. Did they disclosed to you how they pick the appraiser?
Are you in VA? Try penfed and see if their rate is competive for you.
Yes, I'm in Northern VA.
Pen Fed has 3.875 (rate I got) also, but with paying .375 points, and all their loans have a 1% origination fee.
I bought the home (primary residence) in 2008 for 450K, refinanced once in summer of 2010 where appraised amount was 470K. Now, trying to refinance again, this appraiser the bank picked comes in at 400K flat.
It's what you call "underwater" Many, many americans are in the same situation. Its likely prices have dropped dramatically in your area despite what you believe. Your stuck in your house unable to refinance or sell, just like everyone else who is underwater. Sorry.
It's what you call "underwater" Many, many americans are in the same situation. Its likely prices have dropped dramatically in your area despite what you believe. Your stuck in your house unable to refinance or sell, just like everyone else who is underwater. Sorry.
We're not underwater, trust me. Sales in the area are great. New construction homes. When your identical model is being purchased for 450-520 currently, a 400K appraisal is wrong. We're not stuck. We're not trying to sell. Sorry.
Location: Chapel Hill, NC, formerly NoVA and Phila
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Originally Posted by 399083453
It's what you call "underwater" Many, many americans are in the same situation. Its likely prices have dropped dramatically in your area despite what you believe. Your stuck in your house unable to refinance or sell, just like everyone else who is underwater. Sorry.
Most homes in Northern Virginia have not dropped dramatically as in other areas of the country. Zak, where in NoVA do you live? We just got a home equity loan and our appraisal came in in the ballpark. We live in Vienna and they did a "drive-by" appraisal and would only look at comps that were within 1/2 mile of my house and they had to be ranch homes like mine. They said they needed 6 comps. or they would need to do a full appraisal. We used Navy Federal. The process was slow as molasses, though.
We're not underwater, trust me. Sales in the area are great. New construction homes. When your identical model is being purchased for 450-520 currently, a 400K appraisal is wrong. We're not stuck. We're not trying to sell. Sorry.
Are these the new construction homes? If so, you are dealng with depreciation on yours which would lower the value.
Are these the new construction homes? If so, you are dealng with depreciation on yours which would lower the value.
Annemieke, yes my home and the whole street is new construction. All of our houses are part of the newest phase of construction in the neighborhood. These newest sales were closing out the final phase. There should be no measurable depreciation in a home built in December 2008 (ours) and the ones built 2009-2011. The appraiser did not take off for any depreciation in this regard, for our home.
On the flip side, the 3 comps she used were 6, 10, and 14 years old, compared to our 3 year old home, and no adjustments were made.
I just think there needs to be more formula-type approaches in a certified appraisal. As it stands, it looks like there is too much discretion left to the actual appraiser, and if they are not very familiar with a specific, local market, it makes it difficult to get an accurate read IMHO.
BTW, we are located near the Montclair area in PW County.
On the flip side, the 3 comps she used were 6, 10, and 14 years old, compared to our 3 year old home, and no adjustments were made.
If this is true, you have an easy case. Send the lender your direct comparable sales and they have to look at it. They can't just say no. Comps that the appraiser use must be comparable and a 10 and 14 year age difference is not comparable if there are newer sales to use.
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