Asked by Carlyn Nugent, Louisville, KY • Thu Mar 28, 2013
I just had my home appraised for a refi. My home is in the Highlands, 2200 sq ft and in average condition (older home, some repairs needed). I refi'd in 2006 and the home appraised at 150K. It is in a very similar condition now and appraised for $106K. I was blown away. Comparables used were all in Germantown and Smoketown, which have much lower prop values. My next door neighbor had hers appraised the same weekend. Her home is 1/2 the size of mine and in very similar condition. Hers was $93K. This will not affect whether I get my loan but is still upsetting (and will mean I will need to pay PMI, which had expired on my current mortgage). I don't know whether to dispute or what steps to take--or if the market has been hit so hard that this is potentially accurate value. (Note, there is a 900 sq ft house right around the corner--with no substantial updates or renovations--listed at $144K!!)
Real Estate in Louisville
Popular Categories in Louisville
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!