OT: Got my appraisal back for a refi…Kinda surprised.

[Coronita]

[quote=FormerSanDiegan]It may or may not have any real merit.
Report back when the underwriter allows the appraisal value to stand (or not).[/quote]

I’ll see. I close next week, so I pretty sure it’s going to stand. There’ currently a $100k difference between this appraised value and the reassessment I just got from the SD tax collector

[Coronita]

[quote=bearishgurl]flu, since you’re refinancing, don’t argue with the number as it’s not affecting anyone but you at this time. High is better than low. Just be glad it didn’t turn out too low for you to refinance. Be happy!

For your answer how the appraiser arrived at the number, you can look at the recent sales they used. If you paid for the appraisal, you are entitled to a copy of it.[/quote]

I actually have reasons why I want the appraisal to be lower…

The underwriter paid for the appraisal, and I have a copy. It seems like since there wasn’t exact comparables to mine on the market, the comparables they chose were “B” class homes versus my “C-” type home. In all though, I think it’s pretty strange that these things could still come in so off during these times when banks/lenders should/would be uptight. I guess it helped that I covered my rotting balcony deck with a blanket 🙂

[Coronita]

[quote=bearishgurl]flu, since you’re refinancing, don’t argue with the number as it’s not affecting anyone but you at this time. High is better than low. Just be glad it didn’t turn out too low for you to refinance. Be happy!

For your answer how the appraiser arrived at the number, you can look at the recent sales they used. If you paid for the appraisal, you are entitled to a copy of it.[/quote]

I actually have reasons why I want the appraisal to be lower…

The underwriter paid for the appraisal, and I have a copy. It seems like since there wasn’t exact comparables to mine on the market, the comparables they chose were “B” class homes versus my “C-” type home. In all though, I think it’s pretty strange that these things could still come in so off during these times when banks/lenders should/would be uptight. I guess it helped that I covered my rotting balcony deck with a blanket 🙂

[Coronita]

[quote=bearishgurl]flu, since you’re refinancing, don’t argue with the number as it’s not affecting anyone but you at this time. High is better than low. Just be glad it didn’t turn out too low for you to refinance. Be happy!

For your answer how the appraiser arrived at the number, you can look at the recent sales they used. If you paid for the appraisal, you are entitled to a copy of it.[/quote]

I actually have reasons why I want the appraisal to be lower…

The underwriter paid for the appraisal, and I have a copy. It seems like since there wasn’t exact comparables to mine on the market, the comparables they chose were “B” class homes versus my “C-” type home. In all though, I think it’s pretty strange that these things could still come in so off during these times when banks/lenders should/would be uptight. I guess it helped that I covered my rotting balcony deck with a blanket 🙂

[Coronita]

[quote=bearishgurl]flu, since you’re refinancing, don’t argue with the number as it’s not affecting anyone but you at this time. High is better than low. Just be glad it didn’t turn out too low for you to refinance. Be happy!

For your answer how the appraiser arrived at the number, you can look at the recent sales they used. If you paid for the appraisal, you are entitled to a copy of it.[/quote]

I actually have reasons why I want the appraisal to be lower…

The underwriter paid for the appraisal, and I have a copy. It seems like since there wasn’t exact comparables to mine on the market, the comparables they chose were “B” class homes versus my “C-” type home. In all though, I think it’s pretty strange that these things could still come in so off during these times when banks/lenders should/would be uptight. I guess it helped that I covered my rotting balcony deck with a blanket 🙂

[Coronita]

[quote=bearishgurl]flu, since you’re refinancing, don’t argue with the number as it’s not affecting anyone but you at this time. High is better than low. Just be glad it didn’t turn out too low for you to refinance. Be happy!

For your answer how the appraiser arrived at the number, you can look at the recent sales they used. If you paid for the appraisal, you are entitled to a copy of it.[/quote]

I actually have reasons why I want the appraisal to be lower…

The underwriter paid for the appraisal, and I have a copy. It seems like since there wasn’t exact comparables to mine on the market, the comparables they chose were “B” class homes versus my “C-” type home. In all though, I think it’s pretty strange that these things could still come in so off during these times when banks/lenders should/would be uptight. I guess it helped that I covered my rotting balcony deck with a blanket 🙂

[UCGal]

[quote=flu]

I actually have reasons why I want the appraisal to be lower…

The underwriter paid for the appraisal, and I have a copy. It seems like since there wasn’t exact comparables to mine on the market, the comparables they chose were “B” class homes versus my “C-” type home. In all though, I think it’s pretty strange that these things could still come in so off during these times when banks/lenders should/would be uptight. I guess it helped that I covered my rotting balcony deck with a blanket :)[/quote]

When we refi’d last year they couldn’t find any comaparables since we’d built a granny flat – and at the time had the only (legal) one within several zipcodes. We had the opposite experience of you – appraisal came in lower than we expected. We didn’t care because our LTV was so ridiculously low and we’re not planning on selling or challenging our taxes.

It’s hard for appraisers to generate good numbers if they have no similar sold comps to compare.

[UCGal]

[quote=flu]

I actually have reasons why I want the appraisal to be lower…

The underwriter paid for the appraisal, and I have a copy. It seems like since there wasn’t exact comparables to mine on the market, the comparables they chose were “B” class homes versus my “C-” type home. In all though, I think it’s pretty strange that these things could still come in so off during these times when banks/lenders should/would be uptight. I guess it helped that I covered my rotting balcony deck with a blanket :)[/quote]

When we refi’d last year they couldn’t find any comaparables since we’d built a granny flat – and at the time had the only (legal) one within several zipcodes. We had the opposite experience of you – appraisal came in lower than we expected. We didn’t care because our LTV was so ridiculously low and we’re not planning on selling or challenging our taxes.

It’s hard for appraisers to generate good numbers if they have no similar sold comps to compare.

[UCGal]

[quote=flu]

I actually have reasons why I want the appraisal to be lower…

The underwriter paid for the appraisal, and I have a copy. It seems like since there wasn’t exact comparables to mine on the market, the comparables they chose were “B” class homes versus my “C-” type home. In all though, I think it’s pretty strange that these things could still come in so off during these times when banks/lenders should/would be uptight. I guess it helped that I covered my rotting balcony deck with a blanket :)[/quote]

When we refi’d last year they couldn’t find any comaparables since we’d built a granny flat – and at the time had the only (legal) one within several zipcodes. We had the opposite experience of you – appraisal came in lower than we expected. We didn’t care because our LTV was so ridiculously low and we’re not planning on selling or challenging our taxes.

It’s hard for appraisers to generate good numbers if they have no similar sold comps to compare.

[UCGal]

[quote=flu]

I actually have reasons why I want the appraisal to be lower…

The underwriter paid for the appraisal, and I have a copy. It seems like since there wasn’t exact comparables to mine on the market, the comparables they chose were “B” class homes versus my “C-” type home. In all though, I think it’s pretty strange that these things could still come in so off during these times when banks/lenders should/would be uptight. I guess it helped that I covered my rotting balcony deck with a blanket :)[/quote]

When we refi’d last year they couldn’t find any comaparables since we’d built a granny flat – and at the time had the only (legal) one within several zipcodes. We had the opposite experience of you – appraisal came in lower than we expected. We didn’t care because our LTV was so ridiculously low and we’re not planning on selling or challenging our taxes.

It’s hard for appraisers to generate good numbers if they have no similar sold comps to compare.

[UCGal]

[quote=flu]

I actually have reasons why I want the appraisal to be lower…

The underwriter paid for the appraisal, and I have a copy. It seems like since there wasn’t exact comparables to mine on the market, the comparables they chose were “B” class homes versus my “C-” type home. In all though, I think it’s pretty strange that these things could still come in so off during these times when banks/lenders should/would be uptight. I guess it helped that I covered my rotting balcony deck with a blanket :)[/quote]

When we refi’d last year they couldn’t find any comaparables since we’d built a granny flat – and at the time had the only (legal) one within several zipcodes. We had the opposite experience of you – appraisal came in lower than we expected. We didn’t care because our LTV was so ridiculously low and we’re not planning on selling or challenging our taxes.

It’s hard for appraisers to generate good numbers if they have no similar sold comps to compare.

[sdrealtor]

With such a low LTV the appraiser has a very low risk/liability and my guess is they do less than their best work under those circumstances because it doesnt much matter.

[sdrealtor]

With such a low LTV the appraiser has a very low risk/liability and my guess is they do less than their best work under those circumstances because it doesnt much matter.

[sdrealtor]

With such a low LTV the appraiser has a very low risk/liability and my guess is they do less than their best work under those circumstances because it doesnt much matter.

[sdrealtor]

With such a low LTV the appraiser has a very low risk/liability and my guess is they do less than their best work under those circumstances because it doesnt much matter.

[Author]

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