Appraisals
We are in the process of refinancing our home to combine a first and second at the lower rates. We are in a mountain resort area in California and based on things I'd seen around town, thought our home would appraise for $350-375,000. Shock of our lives, we got the appraisal and it was only $280,000! We felt it was wrong, so we paid another $400 to get it reappraised - - came in within $5,000 of the first one!
We still qualify for our refi, but it makes me wonder about the appraisal process in general, and the values of the properties we are looking at buying.
We are still watching for the perfect 3-4 unit property. Has anyone had any trouble getting their appraisals to come in at their purchase price?
My lender said the government started new appraisal rules on May 1, and the lenders are no longer able to communicate with the appraisers. There is now an intermediary company, so of cource the appraisers are making less and we are paying more.
What's your experience with recent appraisals in the market?
Thanks!