Forum Archive: Posts by: slk

I’m trying to refinance a jumbo loan on my 2-family brownstone. The bank did two appraisals, which they said was standard procedure for jumbos in our market. One was $750K lower than the other!! It’s a 50% difference in the value!! To tell you the truth I think both numbers are out of whack, if I had to guess I would have picked somewhere in the middle. The bank is insisting on using the lower number and won’t approve me, no matter how much I try to point out the absurdity of the delta. And they ignore my own information. They’ve offered to do a third appraisal (on my dime of course) but won’t guarantee they’ll use it and anyway with two wacko numbers I just think I’ll get a 3rd crazy number. Anyone else run into this kind of issue??