Bad Appraisal

[Lucky999]

What is the name of your state (only U.S. law)? MD


Just recently had my house appraised in preparation for refinancing. It was previously appraised at $325,000. In just 3 years this specific appraiser sent my lender a report that my house was now at $258,000 ! I was told by my lender that he compared my home to area houses with more than 500 sq ft less & also another home in my area tagged as "Inferior". Obviously I am not satisfied with this. Please help me with some options in fighting this.

 

[Mass_Shyster]

What is the name of your state (only U.S. law)? MD


Just recently had my house appraised in preparation for refinancing. It was previously appraised at $325,000. In just 3 years this specific appraiser sent my lender a report that my house was now at $258,000 ! I was told by my lender that he compared my home to area houses with more than 500 sq ft less & also another home in my area tagged as "Inferior". Obviously I am not satisfied with this. Please help me with some options in fighting this.

Find another lender that uses a different appraiser.

 

[HUD-1]

If better comparable sales exist, gather the information and submit it to the lender for a reconsideration of value by the appraiser. You will have to first get and review a copy of the appraisal.

 

[Zigner]

What is the name of your state (only U.S. law)? MD


Just recently had my house appraised in preparation for refinancing. It was previously appraised at $325,000. In just 3 years this specific appraiser sent my lender a report that my house was now at $258,000 ! I was told by my lender that he compared my home to area houses with more than 500 sq ft less & also another home in my area tagged as "Inferior". Obviously I am not satisfied with this. Please help me with some options in fighting this.

You DO realize that the values of homes have plummeted in the last 18-24 months, right?
My house was, 2 years ago, appraised at about $500k. Now, it's at about $300k. I'm just thankful that I knew better than to squeeze every penny of equity out at $500k.