Low Appraisal
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    Low Appraisal

    I bought a home out of foreclosure in 2009 and the appraisal came in around $130,000. I fixed up the house and rented it out for the last three years and now trying to refinance it at a lower rate. I got the appraisal back and it was $104,000. Looking for recommendations on what I can do to fight this, I appreciate any advice.



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    Re: Low Appraisal

    Quote Originally Posted by 2forISU View Post
    I bought a home out of foreclosure in 2009 and the appraisal came in around $130,000. I fixed up the house and rented it out for the last three years and now trying to refinance it at a lower rate. I got the appraisal back and it was $104,000. Looking for recommendations on what I can do to fight this, I appreciate any advice.
    Appeal it.

    If the appraisal of your house seems low, appeal it - latimes.com




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    Re: Low Appraisal

    Quote Originally Posted by 2forISU View Post
    I bought a home out of foreclosure in 2009 and the appraisal came in around $130,000. I fixed up the house and rented it out for the last three years and now trying to refinance it at a lower rate. I got the appraisal back and it was $104,000. Looking for recommendations on what I can do to fight this, I appreciate any advice.
    Go to another bank and/or another appraiser.


    Let my Fred's Posse Ride: Georges, Naz, Hogue, Bryce, Nader, Monte, Matt, and McKay.

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    Re: Low Appraisal

    Burn it down.




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    Re: Low Appraisal

    Wow, that does seem low. I could see if the previous appraisal was from six years ago or something, as they used to do the wink-wink how much do you need it to be worth thing.



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    Re: Low Appraisal

    Maybe they pulled a fast one on you when you bought it. Do your own research for the neighborhood.


    Let my Fred's Posse Ride: Georges, Naz, Hogue, Bryce, Nader, Monte, Matt, and McKay.

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    Re: Low Appraisal

    Your home improvement "fix ups" must have sucked.


    I kid, I kid



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    Re: Low Appraisal

    look at comparables in your neighborhood on zillow.com and then fight it


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    Re: Low Appraisal

    Quote Originally Posted by Wesley View Post
    Maybe they pulled a fast one on you when you bought it. Do your own research for the neighborhood.
    I looked at the other houses that have sold on the street in the last two years and there hasn't been a house below $140,000. In the last decade there hasn't been a house below $110,000 on the street.



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    Re: Low Appraisal

    Quote Originally Posted by isuno1fan View Post
    Your home improvement "fix ups" must have sucked.


    I kid, I kid
    No Kidding. The house was in foreclosure and was in really rough shape.



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    Re: Low Appraisal

    Did either appraisal take into account the land?

    That could be a logical difference between the two numbers if the first one did and the second one didn't.

    Just shooting from the hip and I did stay at a Holiday Inn Express last night.


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    Re: Low Appraisal

    It all depends on where you bought the house and it's location. In some markets the bottom of the market came well after 2009.



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    Re: Low Appraisal

    Some appraisers are just idiots. It doesn't take much intelligence to get certified.

    I tried refinancing earlier this summer and my appraisal came in at 20k below what I paid in 2010. The appraiser just set it at the same level as the only comparable he could find even though I have been in the other condo and know my unit has at least 15k of upgrades over the other (hard wood, washer/dryer, granite countertops, lofted ceilings, premium appliances, etc). Go somewhere else and hope you get a better appraiser or look into how much PMI will cost if that doesn't put you underwater. PMI on my place was only going to be an extra 40 bucks a month and I would only have to pay it around 2 years so it was a much better deal than staying at 5.25%.



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    Re: Low Appraisal

    Quote Originally Posted by Prometheus View Post
    It all depends on where you bought the house and it's location. In some markets the bottom of the market came well after 2009.
    Iowa City and the value of homes in the area are steady. Had another investment property refinaced which is .05 of a mile from this property and it was up 10% from the last time. Both were appraised in 2009.



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    Re: Low Appraisal

    you should have a copy of appraisal, where was appraiser from? was the appraiser out of their typical territory and not know your market? this happens alot with appraisal management companies. get an appraiser that will do appraisal for lowest fee, hence they do a poor job for a low fee. research the sales the appraiser used. drive by the sales and compare them yourself. look at the adjustments, credible or not.
    if you have a friend in real estate business ask them to look up sales data from MLS
    this should get you started.



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