jenmit's Profile
Author's Posts
August 20, 2009
Contesting an Appraisal?
We are trying refinance our Bed Stuy brownstone and our appraisal came back with an absurdly low number (37% less than 2006 purchase price). Property values in our section of Bed Stuy have held up well with recent sales on our block 7% less than our 2006 purchase price. Our neighbor across the street has their house appraised 3 months ago and it came in a 6% below our 2006 purchase price. Not bad considering the economic situation. We have given the broker/bank a list of recent comparable property sales to support a higher value, but have not heard back. Has anyone been in a similar situation and had the bank make the loan eventually? We are trying to decide whether we should give up with this application and reapply with another broker or keep waiting. It seems getting an accurate appraisal is a game of chance. Thank you for sharing any of your experience.
Author's Comments
Dear Brownstoner,
624A MACDONOUGH SOLD FOR THE ASKING PRICE OF 595k. Please double check your information before posting comments like "what were they thinking?"
Thanks for your kind consideration.
-A MacDonough St. resident
Posted by: jenmit at October 4, 2009 5:53 PM in response to Open House Picks: Six Months Later