Re-Fi issues: appraisals seem low compared to comps for our area

Thanks for this – I will take you up on your offer!

Guest User | 6 years and 9 months ago

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Guest User | 6 years and 9 months ago

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Have you had a re-fi done on your single family home in Flatbush? I’m seeking information about your experience. Do you think your appraisal was fair? We bought in 2014, tried twice recently to re-fi to get rid of Mortgage Insurance and get some cash out to pay off debt, and both appraisals came in either at the price we paid for our house, or lower! When we bought, a couple bought a house across the street – he same house — same sq. footage, same blueprint — they paid 60,000 more for it — it had been historically restored. The house next to us, also same as ours except the condition was much worse, went for 50 K less. Now, down the street the house — again, same sq. footage, etc you get the picture — just sold for $240,000 more. I kid you not. Though it has the same square footage, there is one extra bedroom upstairs. That’s it, the only difference.

At the very least, this re-fi would eliminate our mortgage insurance payment, so we think we are g oing to go ahead with it, but has anyone had wildly varying pricing information for the same housing stock on the same block? It’s driving me nuts.

greenworks | 6 years and 9 months ago

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I have refi’d a bunch (not in Flatbush but in similar neighborhoods) and after one early bad burn, I started preparing a couple things to give to the appraiser when she/he arrives. This little packet includes comps pulled by my buddy in real estate, and a detailed list of all improvements and bonus features on the house that would be pertinent to an appraiser.

I believe it has helped for sure — haven’t had a crappy one since and it appears that they use the material.

adam_dahill | 6 years and 9 months ago

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If you send me the appraisals I can review them with one of my staff appraisers to see if it’s a valid appraisal. The big “too big to fail” banks tend to use appraisers from out of the area that may not know your market that well. Worth a shot for a second opinion. My contact info is in the brownstoner services section.