Financing in Topsfield>Question Details

George, Other/Just Looking in Topsfield, MA

I have applied for a mortgage refinancing with Countrywide, and they tell me their appraiser says there are

Asked by George, Topsfield, MA Wed Mar 4, 2009

no comps for my Topsfield home. They want to close the applicaton and keep my $320 fee. I know there are comps, but they refuse to consider them. What can I do?

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Hi George,
I find that it is unlikely that no comps exist for Topsfield since I and others in my office have closed on several properties in the past three months. The appraiser may have to adjust for age, size and the like. I would suggest that you call the company again and ask for a manager and have him/her clarify the problem for you. Good luck.
0 votes Thank Flag Link Wed Mar 11, 2009
George...Ken???? Ken who?

Just Kidding!

Robin is correct...

Good for you George. I was just trying to stop a year old thread from gaining traction! Ken was the 2nd person to dredge this up..I sent a private message to that person and figured if I posted on the thread it would go back to sleep.
0 votes Thank Flag Link Fri Jan 8, 2010
Ken is probably someone who answered, but then deleted his post when he realized it had no purpose. George, good for you being about to refinance and get things straightened out for yourself.
0 votes Thank Flag Link Fri Jan 8, 2010
I complained enough and Bank of America refunded me all but he credit score fees. I then refinanced with my credit union at a slightly better rate in less than one month. No problem w/comps!
Andrew - I'd be happy to delete this outdated thread, I just don't know how.
BTW, who's Ken?
Thanks to all for your responses. This is a good website.
0 votes Thank Flag Link Fri Jan 8, 2010
My current mortgage is held by Countrywide, and the dollar amount I'm seeking in the refinance application in less than one-third of the outstanding mortgage. I'm certainly not emotionally overestimating the worth of my house.
In the 28 years I've lived in this house I have never missed, or even been late on a mortgage payment. I've refinanced 7 times during those years and never once had any problems. I submitted the CW application on 1/15/09 and am still waiting for a decision. The most current response to my inquiries is that the package is being evaluated by the under writter. That has been the case for the past three weeks. Is this long a delay the new normal?
0 votes Thank Flag Link Fri Apr 3, 2009
Thanks for the helpful responses. The crux of the problem seems to be that because the house has logs for siding on three of its 10 exterior facets, they are insisting on classifying it as a "log cabin". The house is regular construction, however, with clapboards for siding everywhere else. I think they're trying to steal my money, and they won't get away with it!
0 votes Thank Flag Link Wed Mar 11, 2009
Topsfield is a rural area, that said, you paid for an appriasal, and the apprasial bleongs to the lender. State and Federal law requires that a copy be provided to you if you request it. For a rural area, comps could come from surrounding towns -you need to find a better mortgage person. CW uses landsafe, which is they puts the order for the apprasial in and they gets what they gets.

New regulations will make all lender, banks brokers etc subject to these guidelines. Complaining to the DOB will get you nowhere. If the comps aren't there to support the value they aren't there. I'm by no means defending CW.

This comes up often in areas where there are few sales, and the value as we *know* (as opposed to what we think or feel) is higher than what the appraiser can support.

What we're starting to see is that people are confusing the following three things - what they could sell their house for, what it is worth to them, and the value that can be legitimately supported by an appraiser using actual available sale data and allowed price adjustments.

In plain english, if you really love your home and want to belive it's worth $400,000, but the market reality is that to actually sell it you may get $375,000 for it, *but* if there hasn't been a sale in town over $250,000 in the last 6-12 months the appraiser is not going to be able to support the value even of $375K for a refinance.

It sounds to me that the application deposit and the issues surrounding the appraisal were not thoroughly explained to you by the loan originator. Perhaps you should find a new loan originator to work with in the future, but it doesn;t sound to me like CW did anything really egregiously "wrong" here.

Eric Heinrich, CRMS
0 votes Thank Flag Link Wed Mar 4, 2009
If they are going to keep the $320, make them provide a copy of the appraisal. Unfortunately, I would not be shocked to hear that they cannot find comps to support the value. 1st time in 16 years I have had that happen. The appraiser could not find 1 sale in the last 12 months of a comparable home in Manchester. It may be tough to accept but unfortunately they may be telling you the truth. The $320 is paying the appraiser for the work they have done, just because the appraisal is not what you want or need doesn't mean that the appraiser should not be paid.
0 votes Thank Flag Link Wed Mar 4, 2009
You should send them a registered letter requesting your money be returned & copy your state banking commission.
If you want to get an honest appraisal you should talk to banks like Wells Fargo.
0 votes Thank Flag Link Wed Mar 4, 2009
Call your attorney. That sounds ridiculous. Is your property anomalous somehow? This is an excerpt from an email from my friend who is an amazing mortgage broker:
Comparable Properties

1) For the purposes of compliance with USPAP Standard Rule 1-4(a), comparable properties are those properties that are generally similar to the subject property being appraised and may include the following characteristics: building size, architectural style, functional utility, building materials, construction quality, age and condition of improvements, site size, location, view, economic market conditions, and conditions of sale. An appropriate comparable need not necessarily comply with all of the preceding characteristics. However, whenever a comparable is utilized that deviates substantially from the subject property being appraised, the deviation shall be explained in the appraisal report and/or the appropriate adjustment made.

2) Additionally, properties used as comparables, whenever possible, should be competitive with the subject property and ideally located in the same economic market area or neighborhood. If sufficient data on the sales of local comparables are unavailable, transactions involving properties in other comparable, but not directly competitive, neighborhoods or locations may be utilized in the sales comparison analysis.

Eric Heinrich, CRMS
NAMB Certified Residential Mortgage Specialist Mortgage Master, Inc.
0 votes Thank Flag Link Wed Mar 4, 2009
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