Will appraised value (refinancing) lower than purchase price have negative future home-selling consequences?

Asked by Ojl, Kirkland, WA Sun Nov 4, 2007

An appraisal of my home right now might value it lower than my purchase price. I'm not looking to sell yet but just refinance my HELOC into a home equity loan. The most important thing for me currently is that the appraised value be enough to get my loan approved and I've got enough equity now to give me a cushion should the value come out lower. Should I be worried though about any future negative consequences of the appraised value being lower than my purchase price, as this will likely be in searchable official records somewhere eventually if my loan gets approved?

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Diane Glander, Agent, Spring Lake, NJ
Sun Nov 4, 2007
Appraised values change as market values change. What your home appraises for now has no bearance on what it will appraise for in the future, either up or down. Realtyexec is right--appraised values for mortgage purposes are not recorded anywhere--municipal appraisals for tax purposes are the only ones recorded with the townships. The only concern you have is whether is will appraise high enough for you to get your refinancing.
Web Reference:  http://www.dianeglander.com
1 vote
Infinity Rea…, , Saratoga, CA
Sun Nov 4, 2007
Your appraisal on a refinance has nothing to do with the future value of your home. The only person using the appraisal is the bank. There are no searchable records for a appraisal on a refinance. Even in the future if you sell and someone applied for a loan at a higher price, there is no way they will have records of your refinance and the appraisal.
1 vote
ian cockburn, Agent, New Orleans, LA
Sun Nov 4, 2007
An appraisal is an opinion based on an accumulation of facts...what is appraised today will be irrelevant tommorrow, so fear not.
Web Reference:  http://iansellsnola.com
0 votes
Susan Brown &…, , 02563
Sun Nov 4, 2007
This question depends on the area you are living in. We are from Massachusetts and some of our homes appraised value is lower than the listing price. Buyers are looking at that! Why do you want to refiance if you think you want to sell in the near future. It depends on where you live.
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