Financing in 92036>Question Details

Lindseyj, Other/Just Looking in 92036

Trying to refinance a home and first appraisal came in at $420K, which works for our loan. An Appraisal Review

Asked by Lindseyj, 92036 Wed May 20, 2009

came in at $250K causing our bank to decline the refi. The bank sent the first appraiser--their employee--is this customary to have them question their own appraisers? If so, are other people having this problem too?

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Lindsey, Welcome to the current world of loans. It is really crazy. I must say, the swing in your appraisals from 420 down to 250 seems extreme. It is not unusual for lenders to send our 2nd and 3rd appraisers in today's environment.

In purchases I am seeing lenders checking and rechecking all aspects of the loan- employment varification, appraisals, etc. WEEKS after the loan was scheduled to have already closed.

I am really sorry about your refi. Perhaps someone could question the great diversity in the amounts between the 2 appraisals. That does seem odd.

Patti Phillips
"Advice You Need, Attention You Deserve"
800-680-9133 or 619-507-2100
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