Profile picture for sleazell

Mortgage Refinance/Lending

My wife and I have a berm home (partially underground).  We attempted to sell but due to the slow market took our house off the market and decided to refinance (currently have 30 year fixed). Our application went through, credit was fine, had an appraisal and we were waiting to hear about our close date.  Our bank then tells us that underwriting had a problem with the appraisal.  The appraisal they required needed to have another berm home like ours for them to accept it.  There are only 11 berm homes in our neighborhood with ours being the last bought five years ago so there are no exact comps!  Not only can we not refinance but all the banks we have talked to said that they would require this type of appraisal for a buyer to purchase our home.  Does anyone have any advice for this situation.  Basically we have great credit, great jobs but are stuck in this house!
  • October 15 2010 - Louisville
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Answers (3)

Due to the tight lending environment we are currently in you will not find a lnder to help you. Your only shot would be a local credit union or local bank that held the loan in house and did not sell it off to secondary market. 
  • December 23 2010
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Profile picture for shapiroamg
The fact that you have 11 berm homes around you is astonishing to me. unfortunately with no sales, you definately have issues.
  • October 15 2010
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This recommendation is going to cost you big time......not really

If you have a copy of the appraisal, email it to Chris and ask him if he can lend in KY if that's where the property is, Also give him the loan amount, credit score, etc:

chris.herford@wjbradley.com

  • October 15 2010
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