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Lender rating
Since August 2009
Hi Jrod:
Although we all love this website (Zillow.com), it does not take into account all factors involved in the process of evaluating a home's true value.
Zillow is very formula based, not human, and that is why unbiased appraisers are needed to determine the exact market value.
The appraiser will consider CLOSED comparable sales within a 0.5 mile radius, within the last 180 days. If there are discrepancies on the sq ft. and lot size, they can take that into account. The hardest comparison is to go from a 2 bd / 1 ba to a 2 bd / 2 ba, or a 3 bd / 2 ba to a 3 bd / 3 ba, as the market value for such properties (on the higher side) is much more desirable.
With that having been said, YES, if you ordered the appraisal directly YOURSELF, and not from the Lender, it is YOUR APPRAISAL, and belongs to you.
If you were not working with a mortgage broker, you might be stuck, as typically the appraisals are certified to the company ordering them and can't be transferred without an additional fee.
As the rules for qualifying for mortgages keep getting tighter and tighter, your lender will keep changing the rules on a weekly basis. That's why I ALWAYS recommend that you deal with a REPUTABLE Mortgage Broker, whose sole responsibility is to keep up-to-date on the changing guidelines, and has a Fiduciary responsibility to YOU, the customer.
Hope this helps!
Lender rating
Since January 2009
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How can I contest my home appraisal?
jrod148
Contributions: 8
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We recently began the refinance process with our current lender. During the process, my lender asked me what I thought my house was worth and after telling him my opinion, he assured me that the appraisal would come back with that amount or very close to it. He even stated that they tell the appraiser what amount we are looking for. Please note that I am not try to take any money out, I am just trying to lower my interest rate and get to an 80/20 equity status. Well, two weeks later, the appraisal is back and it is $50,000 lower than what we were looking for. After reviewing the appraisal, we noticed a few mistakes and discrepancies from our previous appraisal two years ago (square footage variances, not noting improvements we have completed, etc). Also, the comparables he listed did not include a home that Zillow has listed as being sold 6 months ago. That house is very similar to ours and sold for close to the amount I thought our house was worth. Does anyone have experience and advice as to how I can contest my appraisal? Should I go back to the actual appraiser or start with the appraisal company? I need to do this tactfully because I do not want to pay another $500 for another appraisal. I contact my lender and he told me that they are not involved with the appraisal “That is why we higher an appraiser.”
Thank you in advance.
Also, once I have the appraisal fixed, I plan on going with a different lender.
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