Do I dispute a bad appraisal or get another?
November 6, 2009 8:57 AM Subscribe
[RefiFilter]: I'm applying for a re-fi on my condo, and just got a HORRIBLE appraisal. Like, so horrible the mortgage broker AND the underwriter of the loan both are scratching their heads. Short question: do I dispute, or suck it up and blow another $500 in hopes of getting a more realistic appraisal?
posted by tristeza to work & money (5 answers total) 4 users marked this as a favorite
The appraiser used comparables with no apparent relation to my place (i.e. mine was a rebuild in 1984 on a 1904 foundation, he compared it to buildings built in the 20s and 30s), comparable sales in my neighborhood in the past 3 months have all been FAR over what he appraised mine at, I have outdoor space that almost no condos around me do, he got the # of floors in the building wrong, etc etc.
I know I can't pick an appraiser because of government regulations now, but I don't know if it's best to dispute THIS one, or just start over and request a whole new appraisal (and start new re-fi paperwork also).
I do know that homeowners typically overvalue their own property, but when a BANK and a broker both think the number is ridiculous, I feel I have some solid footing.
Any experience with this? Do appraisal disputes *ever* work, or would it be a waste of time? Did you prevail in a dispute, or spend more $ and pray for the best?
(If it helps I'm on Capitol Hill in Seattle near Seattle U)