Just tried refinancing my home. Shocked with results.

Asked by Delores, Midlothian, TX Wed Apr 24, 2013

Appraiser used two homes that were distress sales. So now it looks like my home has lost $15k in value

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3
Curly Sue, , Texas
Thu Apr 25, 2013
Do you know of more appropriate comps the appraiser should have used?
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Gregorio Den…, , San Diego, CA
Wed Apr 24, 2013
I'm curious why you believe they should not use those.
0 votes
Kimberly Tri…, , Midlothian, TX
Wed Apr 24, 2013
Did your home at least appraise at the balance you were trying to refinance?

Appraisers will use homes that have sold within a certain time frame and that is closest to yours. Although foreclosures do hurt current appraised values, eventually the sale of other non-foreclosed homes in the neighborhood will reflect a higher value.
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