Refi appraisal

16 years ago

I was just reading the "bad appraisal" thread. Somoneone had replied to the post about having an experienced appraiser. My question is does the HO have a choice in who performs the appraisal? If so, how does one go about finding an appraiser they feel will do a fair and knowledgeable job? I am planning on refinancing next week and I'm worried about dealing with the same issues as posted in the "bad appraisal" thread.

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Comments (4)

qdwag
16 years ago
good luck , as the banks are the ones that hire the appraisers..During the real estate bubble appraisers main job was to get people INTO the homes/mortgages,with a winky-wink by banks to be 100% certain the homes appraised at what was necessary..Today, appraisers main focus is to be 100% certain the banks are protected from over-inflated appraisals,they are much more conservative then 2 years ago..
sushipup1
16 years ago
If you want to get an idea of values for homes of the same type in the neighborhood, talk to a local real estate agent or two. RE agents will do a competitive price analysis, and look at comps in your area. Be honest with the agents, you are not planning on selling your house now, but you'll certainly recommend the agent to friends and keep them in mind when the time comes for you to sell or buy property.

At least you will be prepared before you start the re-fi process. If your current mortgage is not less than 80% of the value of your home, I probably wouldn't even start a re-fi.
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sushipup1
16 years ago
I think I meant that the total of your mortgage should be less than 80% of the value of the house, I'm not sure how that last post was so garbled. '-)
C Marlin
16 years ago
As sushipup recommended get your comps. give them to the appraiser.
Type a concise bullet point list of your house upgardes/features.
Clean and prep your house for the appraisal.
Too many people don't prep for the appraisal. I know you can say the appraiser just looks at cold hard number, but I've found the better I sell my house to the appraiser, the better the appraisal.
Keep your presentation simple for the appraiser to refer back to when he is working up numbers.

Refi appraisal

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qdwag

sushipup1

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C Marlin

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