Financing in 44143>Question Details

Achilles, Home Owner in 44143

How can I protest the fact that foreclosed home appraisals are ruining Richmond Heights housing values.?

Asked by Achilles, 44143 Mon Jun 13, 2011

I purchased my home in 1997 for a price of $200,000. My home was valued at 269,000 dollars as recently as four years ago. Yet, when I went to refinance my home the bank appraised my home at $148,000. I did some research and found that their appraisal would have placed my home as the lowest selling structure ($/sf) in my development for the last 10 years. Even lower that a H.U.D. home on my street that required a total renovation job. Our home is well maintained inside and out. I checked area home sales and the condition of the homes, checked the positive and negative characteristics in my community and discovered that it is ranked in the top 2% of cities in the state of Ohio. I put together an appeal and my home value was first raised to $176,000 by the bank and then $199,000. I turned down the loan because the value was just below what I needed for the loan. We have a 800 credit score and excellent savings. The bank and appraiser are being investigated by regulators.

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I respectfully disagree with your response.. The appraiser did included the distressed property as one of my comps. The point I am trying to make here is that you do not have to accept an appraiser estimation of your homes value without a fight. This appraiser may not be indicative of all appraisers but bad appraiser like this one who assessed our home in such a slipshod manner is serious hurting my community. The funny thing about it is that I once had the utmost respect for this local savings and loan. Many times I used this S&L as an example of how banks could conduct their business in a professional manner and still make money during the last banking crisis.

The appraiser has since been indicted for mortgage fraud (unrelated to my home) and the bank was being investigated by the feds. This institution recently announced that that they were no longer offering to refinance home mortgages. The homeowner's equity here is being devastated here and few people are looking into why it is happening. The residents here should be asking questions and protesting. As I said most sources rate this community very high when compared to the rest of the state. Too many are panicking and giving there homes away which further acerbates the problem.
0 votes Thank Flag Link Mon Jun 13, 2011
Foreclosed properties aren't ruining property values. Property values go up and down as a function of the real-estate business cycle. Many areas are in the down portion of the cycle right now. Besides, unless a neighborhood has had lots of recent foreclosure sales, the appraisers wouldn't include the foreclosure sales in their comps.

Plus, prices in Richmond Hts have fared better than ones for properties in some other areas of Greater Cleveland. I know this, because I was there a couple weeks ago checking out some properties in Richmond Hts, Cleveland Hts, Solon, and other areas.
0 votes Thank Flag Link Mon Jun 13, 2011
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