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Answers (3)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Try U.S. Bank. Have them look at your appraisal before you start the process.
Happy funding, Rudi
Happy funding, Rudi
- Tara Talbot, "Tara Talbot"
- Contributions:147
This is always tough when there aren't many comparable sales. I agree with Sean in getting a copy of the appraisal and asking local experts about other comparable data. There may be sales that didn't go through MLS and some extra work by the appraiser may be necessary. They may need to go to the courthouse to research private sales.
The underwriter usually asks the appraiser for additional comps. It may be helpful to talk to a local exert and get a step ahead. Anything you can find out will need to be communicated to the appraiser. However, the descision on value is ultimately up to the underwriter.
The underwriter usually asks the appraiser for additional comps. It may be helpful to talk to a local exert and get a step ahead. Anything you can find out will need to be communicated to the appraiser. However, the descision on value is ultimately up to the underwriter.
- Sean Ogilvie, "California Mortgage"
- Contributions:173
You can be proactive by doing the following:
- Get a copy of the appraisal from your lender and review the comps together
- Contact your local Real Estate Agent to provide you with comp data
- Most importantly communicate with your loan officer and find out what he or she is doing to be proactive
It can be very difficult to establish/defend values with Rural Properties. Lack of recent comp data, multiple property types and it sounds as though your case is no exception.
Has your lender indicated that they will require more information from the appraiser, an appraisal field review or even a second appraisal? Is your lender already working on a rebuttal letter?
- Get a copy of the appraisal from your lender and review the comps together
- Contact your local Real Estate Agent to provide you with comp data
- Most importantly communicate with your loan officer and find out what he or she is doing to be proactive
It can be very difficult to establish/defend values with Rural Properties. Lack of recent comp data, multiple property types and it sounds as though your case is no exception.
Has your lender indicated that they will require more information from the appraiser, an appraisal field review or even a second appraisal? Is your lender already working on a rebuttal letter?
We are trying to refi our home. The appraisal was flaged b/c of comp data and high value. What next?
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