Profile picture for Billsey57

We are trying to refinance but our mortgage lender rep told us that our house has lost $70,000 in 3

The Rep quoted this site, we bought the house for $277,000 in Dec 2009 and now the value on this is site $200,00, it looks like we lost $70,000 in just 3 years. We had the oouse was appraised and it was Fair Market Value at the time and the lowest price in our neighborhood.
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February 14 2011 - US
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Answers (3)

Profile picture for sunnyview
You need to be willing to pay for an appraisal. Your house may have lost value since you bought, but Zillow is not an appraisal and should not be used for lending purposes. You could also ask your old buyers agent to do a CMA for you before you pay for an appraisal to see if you have comps to support your refi amount. 

Most agents are happy to help and if the comps aren't there right now, you might have a better chance at appraising out in the spring when more houses are selling.
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February 15 2011
The only way to be sure is to have an appraisal done. But you could contact a Realtor in your area first to pull comparable sales in your area.
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February 15 2011
Less than 3 years! Try 14 months! Yikes...
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February 14 2011
 
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