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Answers (3)
- DeeDee Riley, "driley"
- Contributions:141
Hi Jake,
So sorry to hear about your situation. I had similar circumstances only my $100K drop in appraisal was over a 3 month period.
It all depends on the comparable properties used by the appraiser. If a property becomes older than they want to use it may not be considered. New sales of less value can be used in place of an older sale of higher value. Yours is a huge difference though and something seems amiss there.
As far as the Zillow prices be careful on that. If you go to the Zillow home page and scroll to the very bottom, you will see a grayed link that says Zestimate/Value Accuracy. Click on that and check as to how accurate they are in your area. Though Zillow values are a good starting point, they should not be relied upon for an appraisal value.
Best of luck to you,
DeeDee
Lyon Real Estate
El Dorado Hills, CA
So sorry to hear about your situation. I had similar circumstances only my $100K drop in appraisal was over a 3 month period.
It all depends on the comparable properties used by the appraiser. If a property becomes older than they want to use it may not be considered. New sales of less value can be used in place of an older sale of higher value. Yours is a huge difference though and something seems amiss there.
As far as the Zillow prices be careful on that. If you go to the Zillow home page and scroll to the very bottom, you will see a grayed link that says Zestimate/Value Accuracy. Click on that and check as to how accurate they are in your area. Though Zillow values are a good starting point, they should not be relied upon for an appraisal value.
Best of luck to you,
DeeDee
Lyon Real Estate
El Dorado Hills, CA
- Total Mortgage Services, LLC, "Total_Mortgage"
- Contributions:56
Andrew is right. I agree that the first appraisal is probably way off, possibly even fraudulent. Your best bet is to find a reputable lender, and it appears as if your second lender is right in the ball park with the rate.
- Andrew Adams, "203K Specialist"
- Contributions:9349
One of the 2 appraisals is horrible...My gut is telling me it's the 1st one because of the other issues with the lender. You need to look at the 2 appraisals and figure out which is way off.
How can your appraisal drop $100,000 in less than a month?
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