Zillow Advice: Mortgage - Crazy appraisal on my home http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ Zillow Advice | Zillow Real Estate Foreclosures will kill appraised ... http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ Foreclosures will kill appraised values if they are comparables to your property. Keep in mind appraisors have to use comparables that have sold within the last 6 months . They will always use the most recent properties whether they are foreclosures or normal sales. They will use the closest properties as well. <br/><br/>The only thing I suggest to my borrowers is if they can get MLS reports froma realtor of properties that fit the criteria, you can submit for a reconsideration of value but most of the time they will not be used. Trust me I know this is a frustrating and we as loan officers get frustrated as well because most of us wish to close your loan as well since we are commission based. So don't think the lender is at fault, we want to close your loan as much as you do.<br/><br/>Best wishes! Fri, 13 Sep 2013 17:21:00 GMT http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ 2013-09-13T17:21:00Z Ok. One last question for ... http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ Ok. One last question for appraisers. Vince, you mentioned earlier that appraisals typically mirror lender guidelines. If that is the case, does an appraiser also try to match an appraisal to the purchase price of a home to facilitate the transaction? Also, the lender I went with for my first is extremely conservative. I would figure then that the appraisal would "match" the guidelines of the lender. Thanks. Fri, 13 Sep 2013 15:57:00 GMT http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ 2013-09-13T15:57:00Z Ok. Thanks for the advice. ... http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ Ok. Thanks for the advice. Just making sure I am not missing something. Didn't have to put 20% down because of my credit. Just wa the only product offering that they had. Fri, 13 Sep 2013 15:24:00 GMT http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ 2013-09-13T15:24:00Z Yes http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ Yes Fri, 13 Sep 2013 14:53:00 GMT http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ 2013-09-13T14:53:00Z &nbsp;I won't go into details, ... http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ <em>&nbsp;I won't go into details, but I had to go with that lender.</em> <br/><br/>.. and they probably know that... bottom line its their money and they get to do with it what they want.&nbsp;<br/><br/> <em>Don't want to keep going to other lenders and get my credit pulled multiple times.<br/><br/></em>IMHO u don't have any other choice... Fri, 13 Sep 2013 14:38:00 GMT http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ 2013-09-13T14:38:00Z Thanks. I would like to have ... http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ Thanks. I would like to have done the second an the same time, but the lender on the first will only do 80% ltv. I won't go into details, but I had to go with that lender. I would think that at the very least the home would appraise for what I bought it for (or higher than the current tax value). I understand that there will be differences between appraisers, but not that much. I guess they used an appraiser that they knew was "conservative". Fri, 13 Sep 2013 14:12:00 GMT http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ 2013-09-13T14:12:00Z Some banks and credit unions ... http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ Some banks and credit unions will use a AVM (automated value model) to determine if your home value will suffice for their equity financing.&nbsp; In lieu of that, most mortgage bankers/brokers have access to title reports that will show recent comps in your area....which enable a close approximation of valuation based upon comparable values).<br/><br/>Do bear in mind that is likely that a bank/credit union doing a equity line will be more conservative than a first lender because of the higher risk involved.&nbsp; Rest assured, lenders holding second mortgages lost $$$$$$ during the housing crisis.&nbsp; It was not...is not...uncommon for a second lender to receive zero from a foreclosure or short sale...and highly unlikely they will receive more than 5 or 10%, at the most.<br/><br/>What is really unfortunate (from both a cost and frustration point of view), is that your lender for your refinance did not do a simultaneous closing of a second loan/line of credit with your new first mortgage.&nbsp; I have access to a secondary lender who will use my appraisal, the cost is minimal and terms are excellent...sorry, I am not licensed in your area!<br/><br/>Wish you the best of luck!<br/><br/>Deborah<br/>NMLS # 279125<br/>[Promotion deleted by Zillow moderator. Please see our Good Neighbor for posting guidelines] Fri, 13 Sep 2013 13:40:00 GMT http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ 2013-09-13T13:40:00Z Thanks all for the responses. ... http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ Thanks all for the responses. There were no recent foreclosures in my area. I showed the appraiser a copy of my appraisal and be completely disagreed with it. He stated that the comparable that the others appraiser used were not properties of similar nature. However, the homes that he used averaged a at value of around $180,000 and the homes that the previous appraiser used had an average tax value of around $280,000. Granted, my tax value increased after I bought it for $295,000. I just feel stuck because I put down 20%, got supporting appraisals when I purchased, now I cannot get any of the equity out that I put into it. Don't want to keep going to other lenders and get my credit pulled multiple times. Fri, 13 Sep 2013 13:11:00 GMT http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ 2013-09-13T13:11:00Z Did you ask the appraiser ... http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ Did you ask the appraiser what he/she based that price on? Was there a recent foreclosure (sounds like it )&nbsp; Fri, 13 Sep 2013 10:26:00 GMT http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ 2013-09-13T10:26:00Z Given this chart, your value ... http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ <a href="http://www.zillow.com/local-info/SC-home-value/r_51/#metric=mt%3D34%26dt%3D2%26tp%3D5%26rt%3D14%26r%3D51%26el%3D0">Given this chart</a>, your value should be approx. 5% greater than when you purchased it, ie $310K, unless you overpaid at time of purchase. <br/><br/>I would get a new appraisal, ie find a new lender. I would not waste my time with a 'rebuttal' on an appraisal, simply apply for your loan elsewhere. <br/><br/>Some lenders are more conservative than others.... the appraisals typically only mirror lender guidelines...<br/><br/>Good luck Fri, 13 Sep 2013 06:56:00 GMT http://www.zillow.com/advice-thread/Crazy-appraisal-on-my-home/511127/ 2013-09-13T06:56:00Z