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Steve Greene's answer is spot on and accurate advice.
Market value or fair market value is the most probable price that a property will sell for in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised; (3) a reasonable time is allowed for exposure to the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale."
You can also show your current tax assessment which may show what the County or City is currently valuing your property.
You can ask a real estate agent to do a comparable market analysis of your property and turn that into the bank to help justify your dollar amount.
How about choosing another bank or lender to do the refinance?
Few options hope this helps.
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For Sale: $80,000
For Sale: $750,000
For Sale: $239,900