Re: Refinance appraisal-Too Low - Posted by phil fernandez
Posted by phil fernandez on November 21, 1998 at 16:46:33:
I am not an appraiser however being in the real estate business for years I would say that the appraisal situation is not an exact science. If you got 3 different appraisers to appraise your house you would probably get 3 different values. Although the 3 values would in all probability be within a certain range.
The $145,000 appraisal you got instead of the $150,000 value you were expecting , to me would be within a reasonable range. Saying that take a close look at the appraisal to see if any of the appraisers calculations are off.
I doubt that the appraiser came in low so that the bank could still charge you for PMI. Ask the bank if you can get another appraisal that they would accept. Is your cost of another appraisal going to offset the small PMI monthly payments?