Just had an appraisal cut by 25 thousand!
I'm doing a refinance for a client who lives on Cheri St. in Alexandria, LA. The lender just cut the appraisal, but isn't giving me a good reason for it. The appraisal has SEVEN comps! Granted, there isn't a lot of sales activity, but I asked the appriaser to be conservative since this is just a rate and term refi. Can a local agent give me an honest opinion?
It's a 3 bedroom, 2.5 bath, 2, 154 sg foot ranch built in 2003. It has vaulted ceilings, a covered front porch, and an open patio in the rear. It sits on .8 acres and the only big difference from the comps is that it has vinyl siding versus brick.
It came in at 150K, but like I said, the bank came back with a value of 125K. Which one is more accurate?
Well, I think I know why the lender cut the value...they just went belly up this week! I emailed my account rep to ask her for an update and she wrote me from her blackberry as she was being escorted out of the building. Nice market we're in no?
Where in Alexandria?
I know the inventory of homes is rising shaply up there.
I work in Lafayette 80 Miles south but have family up there, th ecomony is declining and several companies that have tried to come in have found the workforce a little less then desirable.
Ouch! I feel honestly bad for you and the client, I'm not an agent, but I can tell you from doing loans it's been happing everywhere!!! I have seen appraisals been cut left and right ....I don't know though the brick/vinyl might be the answer.....Best of luck!
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