Remodel & Renovate in 10804>Question Details

Lorne Caplan, Home Buyer in Rye, NY

How can I get a realistic appraisal of my home in this market? I'd like to get a home improvement loan.

Asked by Lorne Caplan, Rye, NY Fri Jan 23, 2009

An appraiser, trying to cover his you know what and make the bank happy, compared our home, which is in need of upgrading, but in New Rochelle's Northern part, to houses that were half the square footage and knockdowns! How can they get away with this and call themselves appraisers? It's ludicrous! Needless to say, the banks look at the lower of purchase price or appraisal and we bought the house from an estate that was happy to get rid of the property. Now, it looks like we'd have to fix it up first, then go for a refinancing with no funding for home repairs or improvements as an option. Is any financial institution doing construction or upgrade loans without matching assets?

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Banks are being very cautious right now as they have been burned in being too lenient. I suggext you go to Wells Fargo which is financially the healthiest of the mortgage lenders. I have teo contacts there that I have worked with over the past 20 years. One is Patricia Ciulla at 914-774-2010 and the other is Mitchell Steinberg at 212-608-5173. Please call me if I can be of further assistance. Best. Suzanne Moncure 914-263-9153
0 votes Thank Flag Link Fri Jan 23, 2009
Unfortunately banks these days are very sticky about appraisals. THey will not accept anything older than 90 days, and in some cases more recent than that. Often there aren't good comparables for the appraisers to use, and so they are forced to use things less appropriate. Perhaps you can ask for another appraisal and be sure the appraiser is familiar with your area (ie works often in the area) who can then take those knockdowns and adjust upward for area. THere are home improvement loans, since you already own the house, but in general banks are much more cautious about lending than they used to be.
0 votes Thank Flag Link Fri Jan 23, 2009
Hi - I understand your frustration. The banks are being more stringent now on where their money is going, and since so many financial instituations closed/merged, there seems to be a pool of appraisers that some of the banks utilize.... and those appraisers might live on the Island or upstate New York. So, when they come to conduct the appraisal, they aren't cognizant of the area, the true comparables, what those sold properties look like past the colorful descriptions, etc. You are allowed to ask for another appraiser - one who knows the area better, and you could also ask a local realtor to help you out by giving you the comparables (it is a free service) - which you could give to the appraiser.
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0 votes Thank Flag Link Fri Jan 23, 2009
You can hire your own appraisal, but I doubt this will help you. The bank will always defer to its own sources. Banks are often ordering a second appraisal and you can request one. I would also recommend providing the apraiser with comps for his data when he arrives to do the job. You may provide some useful data that he didn't know about. Good luck.

-Rey Hollingsworth Falu
Associate Real Estate Broker
Houlihan Lawrence
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0 votes Thank Flag Link Fri Jan 23, 2009
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