Asked by Tee, San Bruno, CA • Thu Nov 8, 2012
I have 2 BD, 1BTH, 1007 SQ FT, 2500 FT LOT in San Bruno (W. El Camino). I tried to refi in Sep 2012, but home was appraised low. LTV > 80% and did not qualify for current lower rates. We needed our house to come in at $500,000, but appraised at $468,000. Appealed appraisal, supplied recent comps but the appeal was denied. Two of the comps sold over $550,000 , but had a lot size of 5000sq ft so that was ruled out. The last comp we submitted was a 2BD and 1BTH on 2500 SQ FT LOT sold for $579,000, but had >$20,000 in renovations downstairs and was not used. We are looking to refinance in the future, hoping that our property goes up. Looking for advice on how long I should wait to refi again and how long an appraisal is active for?
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