Home Buying in San Bruno>Question Details

Tee, Home Buyer in San Bruno, CA

Appraisal and Refi advice in San Bruno, CA

Asked by Tee, San Bruno, CA Thu Nov 8, 2012

I have 2 BD, 1BTH, 1007 SQ FT, 2500 FT LOT in San Bruno (W. El Camino). I tried to refi in Sep 2012, but home was appraised low. LTV > 80% and did not qualify for current lower rates. We needed our house to come in at $500,000, but appraised at $468,000. Appealed appraisal, supplied recent comps but the appeal was denied. Two of the comps sold over $550,000 , but had a lot size of 5000sq ft so that was ruled out. The last comp we submitted was a 2BD and 1BTH on 2500 SQ FT LOT sold for $579,000, but had >$20,000 in renovations downstairs and was not used. We are looking to refinance in the future, hoping that our property goes up. Looking for advice on how long I should wait to refi again and how long an appraisal is active for?

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Good suggestions below. You could also consider waiting until you have three comparable homes close in your area – in reality that might only be a couple of months. Price are already up 35.8% from this time last year – you shouldn’t have long to wait. A Realtor can set you up on an autofeed so you know exactly when comparable homes hit the market and then when they sell.
0 votes Thank Flag Link Sun Nov 11, 2012
Hi Tee: We have an appraisal company that, for a $100 fee, will run comps on your home and give you an idea of how close you will come to that number. This fee will be credited to your appraisal fee when you actually need the appraisal performed.

Ask the mortgage agent if they have they capability. If not, we are able to finance in your area and ill be happy to help you out with this.

cgravelle@diversifiedmg.com
0 votes Thank Flag Link Thu Nov 8, 2012
Thank you. This would be very helpful down the road.
Flag Thu Nov 8, 2012
Was it an FHA or conventional appraisal?
0 votes Thank Flag Link Thu Nov 8, 2012
Not sure. Where would I Iocate that info on the appraisal?
Flag Thu Nov 8, 2012
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