Asked by Anna, Miami, FL • Wed Feb 4, 2009
I am trying to refinance my home to a fixed rate but have just been told that my home value cannot be appraised because there is nothing to compare it to. It is a 4 year old townhome in an urban area that does not have any townhomes for miles around and the ones that are there are more than 35-40 years old. Plus all of the ones that have been sold recently are all abandoned foreclosures so they are selling for pennies on the dollar. I have been repeatedly told by appraisers that they ethically cannot appraise it without running the risk of being grilled by the bank because it is literally like throwing a dart at a dartboard. What do I do if I cannot get anyone to appraise my home value?
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