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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/
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