I purchased a home a little over a year ago. At the time I borrowed a loan the appraisal came at $180,000. I'm trying to sell the home now and the appraisal came out to only $156,000. How is that possible when only a year ago it came out to $180,000? Not only that, but the county assessor is assessing it at $210,000. I'm pretty sure that the appraisal is low for the area, especially since other homes have gone for well over $200,000. It is a rural area and I don't think the appraiser took that into consideration. The median sale of a home in the town is $350,000. The buyers really want the home, but the lender will only lend them 75% of the value and I can't afford to hold a second note, especially since I owe about $142,000. What do I do? Do I order a second appraisal? Do I confront the current appraiser? What?
2007-07-15
05:58:12
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10 answers
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asked by
Curious
1
in
Renting & Real Estate