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Answers (4)
- Andrew Adams, "203K Specialist"
- Contributions:9349
Nathan,
You need to get more familiar with HVCC. In my personal opinion appraiser got as much if not more pressure from realtors in regards to bringing properties to value and this is not the first time you have made refrence to just go to another bank....Are you going to pay either the new lender or the borrower that expense back when the new appraisal comes back with the same or lower value. The comps are the comps you cannot change that info.
You need to get more familiar with HVCC. In my personal opinion appraiser got as much if not more pressure from realtors in regards to bringing properties to value and this is not the first time you have made refrence to just go to another bank....Are you going to pay either the new lender or the borrower that expense back when the new appraisal comes back with the same or lower value. The comps are the comps you cannot change that info.
- Nathan Wolf, "natewolf"
- Contributions:1825
If they can't do it, find another banker. Each bank chooses their own appraisers. I'm sure there is a bank that wants to help you refinance.
I'm seeing this situation all to often. This is really the cause of HVCC and a weak real estae market.
Every lender that I've dealt with requires a review to overcome. In other words, another ~$350 for an appraisal. If the 2nd appraisal agrees with the first, then you are good to go.
Great point about the comps. At the office, we say the same thing every week.
On a good note, this maybe a blessing in disguise. Rates have been dropping and your rate may go lower from where you were locked in at.
- Nick Wilson, "Nicholas Wilson"
- Contributions:59
I don't know what lender you are dealing with, but typically if there are not enough comps, then the bank will order an AVM (computerized appraisal system) and an appraisal desk review to get a handle on the value.
Refiance but bank says not enough comps in area
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