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Reload this Page Appraisal $24,000 below previous appraisal

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Old 07-19-2005, 03:11 PM
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Appraisal $24,000 below previous appraisal

What is the name of your state? LA

I am refinancing my home to get a lower rate. My house appraised two years ago at $205,000 and a year ago at $210,000. The lender sent an appraiser out and he appraised it at $184,000. I had the lender send a second appraiser and he appraised it at $186,000. How can this be? I've put $20,000 in improvements in the last year. Any suggestions?
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Old 07-19-2005, 08:13 PM
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Join Date: Jul 2005
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Unhappy

Based on research...

There are what they call " Dirty secrets" behind the motives of some morgage loan companies that know they are " inflating the appraisal" of thee actual property to bank in at the end. Allowing those who do not have the money to buy a home an option to get in by raising the appraisal amount and getting them approved to actually set them up for foreclosure do to mis representation. I am learning this now before buying a home in PA where there is alot of this going on...my question that I have is how do youu find out the morgage company is or is not lying to you? what legal information is there to know on this to go in prepared... Sorry you are in the middle of this.
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