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Started By
Message
Realestate Guru's
Posted on 3/18/14 at 2:53 pm
Posted on 3/18/14 at 2:53 pm
So I applied for a home equity loan recently, so they sent out someone to appraise my home. She asked my wife what was the value of our home she said it originally appraised for $330,000 in 2011 but we just refinanced recently and it appraised for $340,000. The woman then say "REALLY" in a how in the hell did that happen tone.
So today we got back word we were turned down for the loan b/c our house appraised at $270,000. Now in addition to that all my neighbors who's home appraised for the same as mine when they built just refinanced and their appraisals were still in line with ours. My sister in law just built a house 1 subdivision over and theirs appraised for the $340,000 also.
Obviously this woman is outside of her element and did not pull any appraisals in the area or from homes that were similar to mine. So what can I do to appeal? Can I order another appraisal?
So today we got back word we were turned down for the loan b/c our house appraised at $270,000. Now in addition to that all my neighbors who's home appraised for the same as mine when they built just refinanced and their appraisals were still in line with ours. My sister in law just built a house 1 subdivision over and theirs appraised for the $340,000 also.
Obviously this woman is outside of her element and did not pull any appraisals in the area or from homes that were similar to mine. So what can I do to appeal? Can I order another appraisal?
6
Posted on 3/18/14 at 3:01 pm to TheEye
quote:
Now in addition to that all my neighbors who's home appraised for the same as mine when they built just refinanced and their appraisals were still in line with ours. My sister in law just built a house 1 subdivision over and theirs appraised for the $340,000 also.
Save the drama and just use their lender then.
Posted on 3/18/14 at 3:07 pm to TheEye
You can either contest the appraisal, which involves a long, drawn out affair and dealing with the state board, or you can find another finance company. Appraisals vary wildly unfortunately... depending upon comparables used and appraiser's familiarity with the local and neighborhood market.
Posted on 3/18/14 at 3:22 pm to BigAppleTiger
quote:
you can find another finance company
Doesn't this depend on what type of loan? I believe that one type of loan, maybe FHA, is good for 6mo no matter who the lender is
Posted on 3/18/14 at 3:38 pm to Lsut81
I didn't assume he was going FHA route, although he could do it with an FHA 203k. It allows for equity lines of credit for improvements, although it does not allow for DIY, and must be done by professionals. If he going for conventional home equity loan, just best to move on to another lender for a HELOC(not sure what he intends to do with it). My brother was refinancing recently and his first lender came back with an appraisal 40k below the second lender. Needless to say he went with the second one.
Posted on 3/18/14 at 9:37 pm to TheEye
Appraisals are the biggest racket out there. Something similar happened to me. Thankfully it was just a couple of thousand dollars and while I was pissed went through with the sale of my house. Now I make it a point to show up when the appraisers are there and make it obvious what I need the house to appraise for. I would also provide them with the previous appraisal so they may use similar comps.
Posted on 3/18/14 at 10:07 pm to secondandshort
If it is a home equity loan, then it isn't FHA. You can contest the appraisal, but you need to provide some really good reasons to overturn it. It doesn't matter what your house appraised for before. The real estate market has changed drastically in the last 3-5 years. You would be better switching lenders, but the new lender will want to know why you cancelled with your old lender. Hint; saying my appraisal was too low is not a good or smart reason. Any broker could send it somewhere else; if it is a bank or a lender, you may be screwed for a while. They also charged you $400 for that appraisal which got you turned down, how does that not suck.
Posted on 3/18/14 at 10:57 pm to TheEye
I had the exact same problem about 1 month ago. I built my home in 2011 and it appraised for $277,000. The new appraisal, used for my line of credit, came in at $170,000.
Luckily, I had a buddy that's a residential appraiser. I contacted him and he gave me some better comps than the ones used by the lenders appraiser. I then contacted the appraiser directly and he explained that the lender only paid for a drive by appraisal and not a full appraisal. He admitted that he didn't put much effort into it. I then sent him my original appraisal from 2011.
After I gave him the better comps, he redid the new appraisal at $274,000 and resubmitted it to the lender for me.
Luckily, I had a buddy that's a residential appraiser. I contacted him and he gave me some better comps than the ones used by the lenders appraiser. I then contacted the appraiser directly and he explained that the lender only paid for a drive by appraisal and not a full appraisal. He admitted that he didn't put much effort into it. I then sent him my original appraisal from 2011.
After I gave him the better comps, he redid the new appraisal at $274,000 and resubmitted it to the lender for me.
Posted on 3/19/14 at 8:48 am to Walkertiger
quote:
I then contacted the appraiser directly and he explained that the lender only paid for a drive by appraisal and not a full appraisal. He admitted that he didn't put much effort into it.
You should report this appraiser and he should lose his license.
The results, value, of a market value appraisal is the same whether its a drive by or a full inspection appraisal. A driveby will have the same subject info, comps, as will a full appraisal.
This dude should be reported........
How did this appraiser justify "raising" the value $100,000 ? Thats bogus and complete idiocracy.
Posted on 3/19/14 at 1:53 pm to TheEye
quote:
Obviously this woman is outside of her element and did not pull any appraisals in the area or from homes that were similar to mine.
Just to clear up a technical detail, an appraiser pulls recent sales, not other appraisals.
Posted on 4/4/14 at 9:00 am to MikeBRLA
Update, filed an appeal and it was sent up to higher ranks (doubt that seriously). I'm being told there is nothing they can do for me and since this appraisal was done I can't use the old even though it's not a year old. Is there any legal issues with this or is it just a done deal, move on.
Posted on 4/4/14 at 9:17 am to TheEye
quote:
Update, filed an appeal and it was sent up to higher ranks (doubt that seriously). I'm being told there is nothing they can do for me and since this appraisal was done I can't use the old even though it's not a year old. Is there any legal issues with this or is it just a done deal, move on.
As others have said in this thread, you need to move on to a different lender. No use wasting anymore time with the current one as they will not budge.
Posted on 4/4/14 at 4:47 pm to TheEye
ask to see the appraisal and the comps she used.
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