I had one done by a potential lender - they said it came in @ $225K and I have a loan bal @ $239K. They said they couldn't help me - I know the market has slowed down, but I don't think that it went below for what I purchased it for. Should I try another lender or am I going to get the same result. I have a pool, the house has been kept well, I'm replacing the flooring. Other market comps came between $236K - $260K. Please shine some light on what I probably should do. It has been a very frustrating experience so far.
2007-08-15 16:28:14 · 4 answers · asked by Missy L 1 in Business & Finance ➔ Renting & Real Estate
Well Missy - if you have been paying attention to the market...this is exactly what is happening to hundreds of thousands of homeowners across the nation. they got caught in the sub-prime crisis and when they went to refi...they were upside down on their loans (owing more than the property is worth). so now those people cannot refi...and are forced to TRY and sell ---but most likely go into foreclosure.
you need not get try another lender nor another appraisal...they will come in right at the same amount. The federal government is now scrutnizing all loans to make sure that they are given to people not upside down on their loans and also who are 100% credit worthy.
i am sorry to say ---you will most probably not be able to refi for another two to five years....this is unfortunate, but you can thank the mortgage industry for it (which they are now being investigated for).
good luck :)
2007-08-15 16:40:43 · answer #1 · answered by Blue October 6 · 0⤊ 0⤋
An appraisal is just one person's opinion, including their interpretation of the market. I suggest you try another lender with another appraiser. It may cost you another appraisal fee, but if two appraisers give nearly the same value, then you know for real what's going on with your property. You may find that the second appraiser is able to help your refi. Go ahead and replace your flooring if you can afford to before the second appraisal.
2007-08-16 20:38:56 · answer #2 · answered by Appraiser Guy 2 · 0⤊ 0⤋
Not another lender necessarily, especially if you went to the one who has your current loan. Maybe another appraiser! The county has in house appraisers that appraise for your taxes but, those are usually lower than market. You may want to choose your own or call a REALTOR and ask for a referral. You didn't mention what part of the country you are in so I can't comment on values up or down. Sorry Good Luck
2007-08-15 23:33:10 · answer #3 · answered by helprhome 5 · 0⤊ 1⤋
You are probably going to get the same result from other appraisers and lenders. Not only have values stagnated, but appraisers are becoming much more conservative in their valuation estimates, mostly at the request of the lenders who hire them.
2007-08-16 08:24:52 · answer #4 · answered by acermill 7 · 0⤊ 0⤋