All Forum Posts by: Swarochisa Kandregula

@Jeet Sangha sent you a PM

sent you a DM.

Hi, I'm interested in this property. May I know more about it? 

An update:

I received the AVM report(Home Genius) from the loan officer and noticed that the house was valued at 990k and it was listed as a 3BR/2BA when in reality it is 3BR/3.5BA. I spoke with the officer about these discrepancies and she took her time to tell me that this particular report had a confidence score of 50 so they didn't use it( she mistakenly shared the wrong report with me) . She told me they used another AVM report (Corelogic with a confidence score 89) and this one had the right information about the house and is valued at 912k. I asked her to share this new report with me so that I can go through the comps. 

This new report had 4 comps ( 0.05 miles from our home) within the last year and didn't include the latest sale that I was talking about in the original post. 3 of the 4 comps are 2B/2.5BA 1718sqft and the 4th one is 3BR/3.5BA  1760sqft. The latest sale from September is 3BR/3.5BA 1888sqft, same as our house but I'm not sure of the interiors.  

I am planning on talking to the officer again about this but I'm afraid all she's going to say is that I can go for another appraisal. I'm thinking if this new sale is included in the comps the appraisal will definitely be better than 912k but after listening to how complicated this process can be I'm unsure of what to do especially knowing that if it comes in lower I have to accept that number while paying for another appraisal.

@Caroline Gerardo yes, I spoke with the credit union about 90LTV before applying for the HELOC.

@Tom S. this is new information and it makes me want to stick to the appraisal I have right now.

I am a thinking of buying a property and I intend to use part/all of the HELOC as down payment for this property. I did request the appraisal report and will take your advice and reach out to someone who is familiar with this area and who understands CMAs better.

Thank you for the detailed response, I really appreciate it.

Thanks for the suggestion and it makes sense. I don't want to spend money on another appraisal knowing that it might not help my case.

Don't think they would've missed out on anything since the appraisal was not extremely low but I want to know how it's done so I will request a copy of the appraisal report to see what has been taken into consideration.

My wife and I applied for a 200k heloc loan at a local credit union. Our house(new townhome 2021) on redfin was valued at 1.08M when I applied and the outstanding mortgage was about 682k. With this valuation I was sure that 200k would be less than 90LTV. The underwriter got back to us saying they couldn't approve us for 200k and instead countered with 142k . I called up the loan officer and she told me that the appraisal came back at 912k ( or 920k , I couldn't hear it clearly). I knew the appraisal would come back lower than what I saw on redfin but I didn't think it would be this low. She told me that I could pay for a full appraisal or a desktop appraisal but that doesn't guarantee an increase in the appraisal.

While I was discussing this with my wife , I looked up our neighbors house ( built at same time) which was listed for sale about a month ago. It was sold on 9/20/23 for 970k. This house has the same layout and sqft as ours. I emailed the loan officer about this but I would like to know my chances of getting the 200k loan with this new information( I may not get 200k but anything closer to that number would be great). Should I go for another appraisal? Desktop or the full one?