How do you dispute an appraisal during a Re Fi? Our appraisel came in rediculasly low and the [censored] compared our house on a lake with 300 ft of shoreline with houses on 66 ft lots on the interior of town. 
May 25, 2009 at 12:46 pm
#1263029
Dispute
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May 25, 2009 at 2:49 pm #779016
Well to be honest with you I dont think now is a good time to be getting any home appraised as the cost of homes has drastically declined, Just my opinion Clarence
May 25, 2009 at 3:25 pm #779022If there isn’t a comparable home within a certain distance from yours it will be compared to the surrounding properties. Same thing happened to me last year, all you can do is get another appraisal(at your expense) and offer it to the bank. There is no saying they will accept it.
May 25, 2009 at 5:16 pm #779027Try finding comparables of your own that have sold within the last 6 months and ask the appraiser to take a look at them to possibly adjust his/hers. Sometimes thye just use a mls record and not check fsbo’s. Good Luck!
May 25, 2009 at 7:00 pm #779031You might want to ask who you are re-fing with. I am re-fing my house and didnt need to have it reapparaised. We are doing a DU-refi plus loan, and we dont need to reapparaise our house. Maybe ask around about this kind of loan.
Wallster ><((((>May 26, 2009 at 2:35 am #779093Quote:
Try finding comparables of your own that have sold within the last 6 months and ask the appraiser to take a look at them to possibly adjust his/hers. Sometimes thye just use a mls record and not check fsbo’s. Good Luck!
As stated above, do some home homework and make your case. I’ve been through this a half dozen times for myself and a few customers. If you don’t have access to the Listing Service, find someone who does. You can argue a sale that is up to a year old if it is a close enough comp. I’ve filled out the forms, attached my comps, and sent them to the appraiser. Also, if it an appraisal service, go to the top dog and make your case with him/her. I can do a complete appraisal in under 20 minutes plus the time to walk the home. In most cases appraisals are a joke. Its a simple form to fill out, attach 3 comps, and assign a value. As for property values dropping, don’t buy into that too much. 6 to 10% drop is ablout the average for the midwest. Yes you will hear the extreme cases because it is “news worthy”. But no one is talking about the homes that have appreciated 5% in the last year
May 26, 2009 at 12:13 pm #779149Disputing is the job of your finance officer/loan officer. That is what that person is being paid to do, represent you. Be aware that if the comparable sales within the last 6 months to 12 months are “ridiculously” lower than what you think your home is worth, that is current market and “opinion”. Be advised that there is only 1 lake in the vicinity of your location that has homes on it. So, with that said, they are going to take comparable houses and give you credit for living on a lake.
May 26, 2009 at 1:32 pm #779172Quote:
As stated above, do some home homework and make your case. I’ve been through this a half dozen times for myself and a few customers. If you don’t have access to the Listing Service, find someone who does. You can argue a sale that is up to a year old if it is a close enough comp. I’ve filled out the forms, attached my comps, and sent them to the appraiser. Also, if it an appraisal service, go to the top dog and make your case with him/her. I can do a complete appraisal in under 20 minutes plus the time to walk the home. In most cases appraisals are a joke. Its a simple form to fill out, attach 3 comps, and assign a value. As for property values dropping, don’t buy into that too much. 6 to 10% drop is ablout the average for the midwest. Yes you will hear the extreme cases because it is “news worthy”. But no one is talking about the homes that have appreciated 5% in the last year
I must live in that “news worthy” neighborhood. Because there hasn’t been a house sale in the last 12 months that wasn’t 50%+ lower than the original purchase price. The mortgage companies just “laugh” at our neighborhood if anyone asks for a re-fi. We are seeing some amazing buys right now. The lot price just on bare land is also down about 25%.
May 26, 2009 at 3:42 pm #779204Quote:
Well to be honest with you I dont think now is a good time to be getting any home appraised as the cost of homes has drastically declined, Just my opinion Clarence
Need to do appraisel to do a re-fi.
May 26, 2009 at 7:15 pm #779291need to make sure the appraiser isnt a complete bonehead also. I went through this 3 years ago with wells fargo who sent out an appraiser who actually sat there an argued with me for 10 mins about the purchase price I paid for my home. She was convinced I paid $40k less than I paid (she was claiming I paid the amount the people before me bought it for). I showed her my mortgage paperwork and she still said I was wrong (while looking right at the papers) so I promtly gave her the boot out of my house and took my business elsewhere.
In the meantime she went ahead and wrote up an appraisal and valued my home $70k less than the lender I ended up using. Wells fargo eventually came back and admitted they made a mistake but I had already closed a loan with someone else by then.
May 26, 2009 at 8:56 pm #779310Some info to consider:
“The market plague has burst far beyond its Sun Belt epicenter, as the latest month’s data reveals. In March, Minneapolis recorded the largest monthly price loss of any metro area in the 20-city index, losing 6.1% compared with February. That is the biggest single-month decline for a city in index history.”
May 26, 2009 at 10:19 pm #779331Quote:
need to make sure the appraiser isnt a complete bonehead also. I went through this 3 years ago with wells fargo who sent out an appraiser who actually sat there an argued with me for 10 mins about the purchase price I paid for my home. She was convinced I paid $40k less than I paid (she was claiming I paid the amount the people before me bought it for). I showed her my mortgage paperwork and she still said I was wrong (while looking right at the papers) so I promtly gave her the boot out of my house and took my business elsewhere.
In the meantime she went ahead and wrote up an appraisal and valued my home $70k less than the lender I ended up using. Wells fargo eventually came back and admitted they made a mistake but I had already closed a loan with someone else by then.
I think his appraiser was Wells Fargo also. My wife does closings and she has told me they are sooooo far behind, It’ll take months to close if you were to sign up now.
May 27, 2009 at 2:47 am #779407Kooty – this is the crap I hate to see the media flooding into the public. At least CNN was forward enough to state in the story that they included forclosures
“The foreclosure sales, which many appraisers used to ignore when they evaluated home prices because they represented outliers rather than typical sales, now have to be accounted for. “
May 27, 2009 at 10:57 am #779452Had the county appraiser come look the other day. He said that the appraiser is way off on his appraisal. The wells fargo guy didn’t take into effect we have a dead end street, on a lake, in an established quiet neighborhood, and he thought one or two of the comps were forclosures, the WF appraiser messed up with the closing costs in the comaparisons. WHAT A MESS!!! The county guy took the appraisers paperwork and was going to go though it for us. He estimated at the time the tax appraisal is going to come in 160 175G. The other guy said our property is only worth 125. THe county guy used to be a realitor. He said he would not sell this place for under 180, even in todays market. We are considering canceling the whole thing and going elsewhere. The other thing the service from Well Fargo has been terrible. Returned calls are a joke (non existant) the same goes for emails. We started this process the last week of February. How frustrating!!!!!
May 27, 2009 at 6:27 pm #779648Quote:
Had the county appraiser come look the other day. He said that the appraiser is way off on his appraisal. The wells fargo guy didn’t take into effect we have a dead end street, on a lake, in an established quiet neighborhood, and he thought one or two of the comps were forclosures, the WF appraiser messed up with the closing costs in the comaparisons. WHAT A MESS!!! The county guy took the appraisers paperwork and was going to go though it for us. He estimated at the time the tax appraisal is going to come in 160 175G. The other guy said our property is only worth 125. THe county guy used to be a realitor. He said he would not sell this place for under 180, even in todays market. We are considering canceling the whole thing and going elsewhere. The other thing the service from Well Fargo has been terrible. Returned calls are a joke (non existant) the same goes for emails. We started this process the last week of February. How frustrating!!!!!
CALL ME!
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