Market Conditions in 94568>Question Details

Kamlesh Kamd…, Home Buyer in 94583

House appraisal process.

Asked by Kamlesh Kamdar, 94583 Fri May 8, 2009

I bought a house in Dublin Ranch in September 2008 which was appraised at $950,000. I am in process of refinancing. The appraisal came at $830,000 (average of top 3 comparable was $842,000 and average of top 5 comparable was $857,000), so why appraiser is valuing at $830,000? Also, the cost basis went down by $125,000. Does it cost $125,000 less to build houses?
What can I do to challenge appraisal?

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Answers

1
From what I have seen appraisers have to take into account a declining market factor, or i believe they still do.

Appraisal rules have become even tighter with the new HVCC system of ordering appraisals. I can put you in contact with a qualified apprasier if you would like a second appraisal.

Does the extra 12k affect the loan? I would be happy to give you my professional guidance on loan programs and hopefully earn your business.
0 votes Thank Flag Link Sat May 9, 2009
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