Skip to main content

Refinancing: Lender fighting appraised value because it is too high?

We bought our house almost a year ago and are in the process of refinancing with the same lender. Appraisal inspection occurred, but a week later and no news from my lender. Today the appraiser calls me out of the blue asking how much money I thought we had put into the house for renovations. He didnt want to talk much, but after some pressing he admitted that he was running into pushback from my lender around the appraised value of the home.

He supposedly appraised the property nearly 150k over the price we bought it for a year ago and I guess that raised red flags by my lender. They were now pushing back on the value and asking for additional details.

Has anyone had this happen before? Is there a chance the lender will try to force the appraiser to lower the value? Trying to wrap my head around what might happen, why the lender would be so antsy around this, and what I might want to do to fight back if they undervalue for some reason.

Seems a really odd situation to be in...

submitted by /u/DigitalEvil
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/dapis0/refinancing_lender_fighting_appraised_value/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...