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All Forum Posts by: Jared Standiford

Jared Standiford has started 6 posts and replied 14 times.

Post: HELOC appraisal value lower than expected

Jared StandifordPosted
  • Lompoc, CA
  • Posts 15
  • Votes 4
Andrew Postell it was not a full appraisal and I did not pay up front. I'm understanding now from these responses that there are different types of appraisals. So I talked to the banking officer and he is going to request a full appraisal. Thank you for the response!

Post: HELOC appraisal value lower than expected

Jared StandifordPosted
  • Lompoc, CA
  • Posts 15
  • Votes 4
Jim Adrian no I did not pay extra for the walk through. But I did talk to the banking officer and he is going to submit a request to have a full appraisal but I'm not sure yet if I will be required to pay that out of pocket. Thank you for the response!

Post: HELOC appraisal value lower than expected

Jared StandifordPosted
  • Lompoc, CA
  • Posts 15
  • Votes 4

I am currently going through the process of a HELOC application with a local bank, and have just completed the appraisal step. The value of my home came in a lot lower than expected. The appraisal came in at $270,000, but when running the comps with my mortgage broker we came up with a value of $305,000. How could these numbers be this far off?...and is it typical for appraisals related to helocs coming in at a lower value? Are there any steps that I can take for reconsideration or a re-evaluation of the appraisal? Thank you