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cash out refi appraisal issue- horrible comps
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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cash out refi appraisal issue- horrible comps
Has anyone done a refi and dealt with a crappy appraisal? I feel like they purposely picked the worst homes and used them as comps to screw us over. Also, has anyone gone back and requested the appraisal be redone with different comps?
We are in GC South, and they chose 3 homes in west hempstead that are zoned for my district (franklin square). So they still were OK in picking homes within the school district. However, homes in west hemp. sell for far less than our area typically does, because we have a 11530 zip code (GC zip code, not GC schools though.. People like to say their postal address is garden city i guess). Additionally, they chose 3 homes that sold anywhere from 8 months to 1.5 years ago. Also, they chose homes on blocks that aren't really comprable (2 of the 3 homes were on busy roads, one wasn't even the same style home lol)
Anyway, appraisal came back at 475k. I just filled out a request form to have them reappraise based on the above facts. I chose the 3 homes that were closest to my home (all 3 are literally within 3 blocks of me) in GC South that recently sold. One sold 2/15, one sold 1/15, and one sold in late December. Prices were 550k, 540k, and 630k. They're all capes just like mine! I went through the entire comp checklist that they used in my appraisal report, and we should have a value of between 540 and 550 based on the comps I chose, any deductions for things we don't have, and any additions for things we have that they don't.
I am just so frustrated that they didn't pick homes that were even close to me, and didn't choose any homes that were even recently sold. The homes that sold for 550 and 540 that I chose weren't even that nice. I went to the open houses and they needed a decent amount of work. We were expecting an appraisal of at least 550!
Normally I wouldn't care about the appraisal, but we need a 60% LTV ratio in order to keep our 3.625% rate. If it is above 60%, they tack on .25 more to our rate. We can adjust our cash out, but I'm not doing that without putting up a fight. ugh.
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Posted 4/3/19 7:14 PM  |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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cash out refi appraisal issue- horrible comps
I also would like to add that I searched up the company, Lauritano Appraisal Services, and they have HORRIBLE reviews. They are notorious for undervaluing properties to benefit the bank so they can hike up rates.
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| Posted 4/3/19 7:22 PM |
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b2b777
LIF Adult
Member since 9/09 4474 total posts
Name:
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cash out refi appraisal issue- horrible comps
WOW this is frustrating. I dont know the answer to your question, but do know that no cape in GCS is going for 425k unless it is being knocked over...and even then i can see it going for close to 500.
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| Posted 4/4/19 3:48 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: cash out refi appraisal issue- horrible comps
Posted by b2b777
WOW this is frustrating. I dont know the answer to your question, but do know that no cape in GCS is going for 425k unless it is being knocked over...and even then i can see it going for close to 500.
yes! I wrote back and got the request for reappraisal. 2nd Place, 5th place, and a house on Roxbury (all near me) sold for 630, 550, and 540. the one for 630 was the only move-in ready home. the one on 5th had an open house (sold for 540) and i went a few months ago because i was curious what "needs TLC" referred to. It was horrible and basically needed 150k+ in work. Still sold for 540.
Anyway, the underwriter wrote back and agreed with me and she requested a reappraisal with my chosen homes. I am expecting 530k or more!
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| Posted 4/4/19 8:27 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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cash out refi appraisal issue- horrible comps
What bank is this? Because contrary to what the bank will have you believe- they have input on the appraisal company and appraiser chosen. I would be cautious about this bank/mortgage broker you are working with.
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| Posted 4/5/19 4:23 PM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: cash out refi appraisal issue- horrible comps
Posted by Deeluvsvinny
What bank is this? Because contrary to what the bank will have you believe- they have input on the appraisal company and appraiser chosen. I would be cautious about this bank/mortgage broker you are working with.
turns out my dad has a friend in the business and he said the company who wrote my original report is horrible. He wrote up another appraisal that was much better. I sent it to the the original appraiser and they upped it.
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| Posted 4/6/19 9:44 AM |
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