If you owe $530k and want to borrow $200k, but your home is only worth $620k... (530+200=730) then you are asking to borrow $110k more than your home is worth. There is no loan for this that I know of. Maybe I'm missing something?... more
Good afternoon, Kjm:
I assume that the appraised value came in lower than you were hoping for. Appraisers have rules that they must follow to establish values. That value is for a specific moment in time. With commercial properties, when the appraised value is disputed by one party, a second appraisal is obtained and if there is still disagreement over the value, a third appraiser is hired to review both and make a final determination. When appraised values are in dispute, only an appraiser is qualified to resolve the dispute.
Real estate brokers are not qualified to establish property values, but do comparative market analysis to establish a listing price. The main way I've seen an appraisal value change is if another property sold for more after the study was complete. Changes in value tend to be quite small. If you appreciate an answer, please give "thumbs up". For the most helpful answer, please say thanks with a "best answer" click.... more