Posted on: 11th Oct, 2012 01:18 am
last year we went for cash out refinance and the appraisal of our house came in at $419k. we are trying to do another refinance to take advantage of the lower interest rate but the appraisal came in at $332k this time. even our loan officer was pretty certain that our house value had gone up since the housing market is pretty robust in our neighborhood. what are our options at this point? do we need to pay for another appraisal or go with a different lender?
If the property value has come down, then there's hardly anything which you can do. You can contact other appraisers and check out your property value. You should also check out if there are any factual errors in the appraisal report and get them resolved. This might help increase the value of the property.
Hi Kirr,
You can definitely ask for a second opinion and also renegotiate with your present appraiser to check out if he changes his opinion.
Thanks
You can definitely ask for a second opinion and also renegotiate with your present appraiser to check out if he changes his opinion.
Thanks