Goska asked:
We are trying to refinance our mortgage. Our appraisal was done one month ago. The value of our house was estimated 123K below the price we paid three years ago. Our lender is disputing the appraisal but we don’t even know what exactly she is disputing. We were told it will take two weeks but two weeks has passed and today we were told they don’t know how long it will take. Do we have any rights in this situation? Can the appraiser just take forever to review the dispute? In such situation is our lender obligated to find another appraiser? Can the lender dispute the appraisal without notifying us about the whole process?
Stacy
We are trying to refinance our mortgage. Our appraisal was done one month ago. The value of our house was estimated 123K below the price we paid three years ago. Our lender is disputing the appraisal but we don’t even know what exactly she is disputing. We were told it will take two weeks but two weeks has passed and today we were told they don’t know how long it will take. Do we have any rights in this situation? Can the appraiser just take forever to review the dispute? In such situation is our lender obligated to find another appraiser? Can the lender dispute the appraisal without notifying us about the whole process?
Stacy
Kelly
Well houses are not going for as much as they were three years ago, i dont know why they would even dispute it, thats the housing crises now, home prices have dropped.
Comment by B — June 10, 2010 @ 6:49 am
Ellen
I agree with “B”. You bought near the height of the market and now we are near the lowest. There really isn’t anything to dispute. Most lenders use appraisal firms who will give the value needed to make the sale. However, they are not going to appraise your house for 123K above the current value. The appraiser’s job is to determine the value of your house if it was sold today and has no relationship to how much you paid for your house. The lender isn’t obligated to “shop” your appraisal. Even if they did get other appraisals, you won’t find one who will increase the value to what it was worth 3 years ago.
Comment by kc — June 12, 2010 @ 7:29 am