Posted on: 28th Jan, 2010 04:40 am
I am in total shock. I went to take out an equity/consolodation loan and had to have a appraisal done. This appraiser came in at 140k lower than original appraisal that was done 1 1/2 years ago. I bought my house for 329k with just over 70k down. I owe 250k on original mortgage. How can this be considering original mortgage co would never have given me mortgage with an appraisal like this. Over this year and 1/2 we have put over 18k in upgrades as well, such as new pool liner etc. Any thoughts? I am in Ontario. Thanks.
Hi,
The real estate and the mortgage markets have been through a lot of changes in the past few years. Given the market situation, it is possible that your house appraises for way less than what it actually appraised for a year or two ago. In fact, there are a lot of people out there who complain that their properties are valued at less than half of what they paid for a few years back. However, in case you have any doubts with the outcome of this recent appraisal, you can have a re-appraisal of the property.
The real estate and the mortgage markets have been through a lot of changes in the past few years. Given the market situation, it is possible that your house appraises for way less than what it actually appraised for a year or two ago. In fact, there are a lot of people out there who complain that their properties are valued at less than half of what they paid for a few years back. However, in case you have any doubts with the outcome of this recent appraisal, you can have a re-appraisal of the property.
The odd thing is that I am in a very hard to buy into area and the few homes that have sold,( they are not even close to mine in land, sq footage etc), have sold for almost 1/3 more than appraisal price in the last 6 months alone. Right next door to me had a bidding war going on. Asking price 265k,( 1/4 of the size of my land, I have 3 bedrs this had 2, I have more sq ft etc by dble), and sold for 305k. just 2 months ago.