Posted by River City on June 20, 2006 at 17:47:14:
Don’t know. Always ask for a copy of the appraisal. They are required to give you a copy of it if you ask. There is a time limit (usually 60 days) and anything done in 2004 is long gone.
Home Appraisal - Posted by Jim
Posted by Jim on June 19, 2006 at 09:16:42:
If a home is intentionally over appraised in order to complete a refinance deal which causes a problem for the person whom is trying to refinance again in the future do they have any recourse against the initial appraiser and/or mortgage company?
Re: Home Appraisal - Posted by River City
Posted by River City on June 19, 2006 at 13:24:32:
What makes you think it was over appraised for the refi? I would assume that the borrower was overjoyed with the first appraisal when everything was going his/her way. Now that the borrower is experiencing financial problems, he/she is looking for someone to blame. In defense of the appraiser, the appraiser has to present “comparable properties” in the appraisal report. These comparable properties help to support the value assessed by the appraiser.
Keep in mind that in recent years a real estate bubble was present in quite a lot of areas in the U.S. Now the bubble has burst and reality is sinking in. Maybe the appraised value was a good value for that time.
Re: Home Appraisal - Posted by Jim
Posted by Jim on June 19, 2006 at 15:02:59:
I bought the home in 2002 for 218k and it was appraised at 315k in 2004. Although I haven’t recieved the new appraisal it sppears similar homes in area going for about 250k. I am looking to refinance through another company as I wasn’t happy with the one I refinanced with in 2004. I son’t believe the appraiser actually even went to see the house. Is it possible the mortgage company fudged the number?