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Question for those who've refinanced in the past 3-6 months

Discussion in 'Homeowners Corner' started by sharse, Aug 10, 2012.

  1. sharse

    sharse TeamDonzi rocks!!

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    We refinanced in October of 2010. We are once again going through the process and just had our appraisal come back. It came back about $40k lower than 2 years ago. I was SHOCKED. Is this guy nuts, or were my expectations way off base?

    Please share your experiences with appraisals lately. I'm wondering if it's worth disputing, or paying to have another one... or do I just have to suck up the bad news?

    Thanks.
     
  2. Mom8386

    Mom8386 Member

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    We don't live in Brambleton (we're off Ryan) but we refinanced in Oct 2010 and just closed on another refi in July. Our appraisal came back a little higher this time than last. We refinished our basement during the gap so not sure exactly how much difference. The problem is the comps. Our appraisal actually should have been about 35K higher than it was, but the comps included houses in an adjacent neighborhood that has had foreclosures which drags down the prices on all the homes there. Our neighborhood has only had one foreclosure in the last 5+ years. Your appraisal may have been affected by sales that had prices influenced by foreclosures and short sales that really don't reflect the true value.

    Our appraisal wasn't that important as we refi'd using VA which doesn't require a percentage. VA allows for 100% financing. We actually have about 20% equity. I was just surprised as the appraisal came in 44K less than a house across the street sold for a couple of months ago.
     
  3. Zeratul

    Zeratul Well-Known Member

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    Yea same thing happened to us. Refinanced early in 2011 and again this year with the Appraisal down like $20k....even though we had $30k of patio, fireplace and stairs additions outside. It seemed like the Comps were the problem, but since it still was fine for our Loan amount I did not make a stink about it... but it was still confusing.
     

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