[brivette]

best of luck.

[boxerblues]

Was someone in a coma from 2006 till now? Home values have plummeted I lost almost 40% of mine in less than 2 years

[jonose]

you were the victim of a scam
They probably never issue any loans, just collect the fees

[driftdiver]

thats news to you?

[skeeter]

Appraisals are made by finding the closest equivelants (typically 5 or 6) in your area that have actually sold, and averaging their sales prices.

Did your contractor have a licensed appraiser value your house?

[TaMoDee]

Refi’s are always appraised low.

[I cannot think of a name]

You must live someplace where property taxes don’t mean much to the local government.

Down here (South Texas) it is just the opposite. The county tax appraiser will use ANY reason to raise your valuation (more money for them). By fighting like hell I keep the appraised value of my home about what it is worth. People that aren’t vigilant are living in homes that are appraised for much more than they are worth.

[discostu]

Appraisals are all about the tunnel of the appraisers vision. Refi companies want to appraise down, so that if you do fail to pay they’ll still be able to recoup their costs. Contractors appraise down before they work on it and up after, so they can show how much value they added.

[hinckley buzzard]

"Appraisers" have had sweetheart arrangements with lending institutions for years. They over charge, under perform and frequently do drive-by appraisals. Look up the property and its recent value, never figure in landscaping or upgrades because they never even see the property, much less go inside. Then they come up with either a highball or a lowball figure depending on what the bank wants.

[silverleaf]

I just did a refi and my appraisal was obscenely high

You need a lender who really wants to make the loan

Do you belong to a credit union? Many affinity gourps have them... I think they are the most customer oriented

[Pearls Before Swine]

A question: What has happened to home prices in your neighborhood as a rough percentage of value? That affects the appraisal you will get. If your neighborhood values have tanked, you’re going to get a lowball appraisal.

[SampleMan]

I would expect 2006 values to be higher to extremely higher, depending on location. Sorry, but that is reality. I’ve lost ~ $600K in appraised value between three properties since 2008.

[UB355]

Nothing is wrong except for the chaos in the housing market due to Barney frank and his buddies.

Your home is worth on the market what someone else will pay for it, appraisal normally based on a large part of what comparable properties have sold for in your area.

As to the appraiser banks now must randomly select them, the banks may not even know the person performing the appraisal. Another Government regulation. I know my wife works at a bank.

You should not have relied on the unofficial number provided by the builder.

[virginia lurker]

Appraisals are only as good as the comps that available for your property. I don’t know about the area where you live but in my area the market for houses above $200,000 has been virtually dead for 3 plus years. This gives you a limited pool of comps to pull from over $200,000 even less over $300,000. The lenders are now requiring up to 6 comps which have sold within the last 6 months. Very difficult in this market.

[RegulatorCountry]

Get access to the MLS, multiple listimg service, and go find your own comparable sales over the past six months, houses similar to yours in square footage, lot size and amenities. If those comparable, sold properties support your notion as to the value of your house, then something is amiss. If they support the appraiser’s valuation, then there is nothing amiss.

[UB355]

My market value estimated by the municipality where I live is down about 10% from it’s high point, not as bad as many.

[Tallguy]

At least you can now appeal your real estate tax valuation...

[Hugin]

Have you looked online to see what comparable homes have actually sold for in the last few months?

[LowTaxesEqualsProsperity]

The exact same thing happened to me.

The new rules involve an appraiser broker finding an appraiser who can low-ball you, like they did us, and you have no real recourse. The bank can’t even communicate with the appraiser.

It’s all a dice roll. Thank Zero and Dodd/Frank.

[neverbluffer]

I am a Senior Loan Officer for a a national company. What you have experienced is happening all over the country.

Home prices are going down and still going down in most areas. The upgrades and landscaping do not add much value to a home. It is almost entirely SQ Footage and the average SQ Footage cost for homes in your immediate area.

Try the refinance program called DU REFI PLUS.... appraisal value is not a factor and the program is a Fannie Mae program designd for those who experienced lower values than expected. Rate today is about the same on that program as you noted you were offered.