Low Appraisal for Refi

We are gutted! Just recieved an appraisal for our home in Prospect Heights, which we purchased in 2008 for 1.9 million–the appraiser puts the current value of the home at 1.5\. Not only can we not refinance at that number, but according to him we have negative equity! Hurts the ego, not going to lie… Anyway–is there some recourse for what we feel is a low ball appraisal? Our last appraisal done in 2010 put the house at 1.875–how the mighty have fallen….

bklynrosie

in Appraisals 13 years and 5 months ago

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vthatcher | 13 years and 5 months ago

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I am a mortgage broker- if you would like me to look at the appraisal- email it to me and I will let you know what I think.  Appraisals are someone’s opinion of value-  I have seen a $400k swing.  This normally happens when the appraiser doesn’t know the market.     Vanessa Thatcher Senior Loan Officer NMLS# 41404    Atlantic Home Capital 4175 Veterans Memorial Hwy Ste 310 Ronkonkoma, NY 11779   Office: 631-687-3510 x106 Direct Fax: 631-918-5222 Cell: 631-672-4113     Website: www.atlantichomecapital.com  You can catch me in the directory at www.Brownstoner.com   & www.montauk-online.com

birkin | 13 years and 5 months ago

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Just curious what bank were you using to refi?  as there is a know Appraisor who purposely underappraises in Brooklyn.  I’ve had the unfortuante experience of crossing paths with her.  She is known in the Wells Fargo system to “be a problem person.”  Beware of Wiktoria Gan!!!  She is even know at Corcoran to be a real problem person.  If you get a call stating the appraisor is Wiktoria Gan, you have the right to request a different person assigned.  I wish we knew then what I knew now.  Beware of her!  She undervalued our townhouse by almost 200K when the exact same unit apprivsed over contract price by someone else.  Go figure!

Bklnite | 13 years and 5 months ago

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If you’re using a mortgage broker, they should be able to shop it to another lender, who’d order a new appraisal or tell you if it’s possible to ask the same lender to do a new one, and make sure you get a local appraiser who knows Brooklyn. You’re paying for it so you should be able to ask for a copy of the appraisal. If they did something silly like using recent sales in Brownsville as comps, then you should do some legwork and find better comps in PH or nearby to justify a higher number and give the info to another appraier. Otherwise like curiosity said if you need to get an appraisal over 1.875 to justify 80% LTV for more than 1.5 that’s going to be tough.

curiositykilledthecat | 13 years and 5 months ago

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Got it–well, the only suggestion I have is that you engage with a different mortgage broker. It seems unlikely that a second appraiser would bridge such a significant gap, though. Good luck.

bklynrosie | 13 years and 5 months ago

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Oh–we refied down to a lower rate in 2010, and would like to take advantage of the current historically low rates–so are attempting another refi.

curiositykilledthecat | 13 years and 5 months ago

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Perhaps this is none of our business, but why so many appraisals?