Appraisal done on my town home was inflated?
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I took out a HELOC 1 year ago and the appraisal showed up at 220k, i have a 1st mortage at 135k. At that time i had a 2nd at 45k. What they did was pd off my second, payed some cc debt and medical bills totaling out to be 70k. "the even persuaded me to do more and get cash but i did not want any cash" The goal was to prepare me to refinance my 1st mortage that is a ARM and has adjusted 4 pts.
Now i am ready to refinance my 12% 1st, passed the credit scoring part ect then had a appraiser comeout---well he came up with 185k. nice guy and explained it to me with me being concern with the value 220k last year. he looked into it for me and told me no way that should have been valued at 220k, if a apprasial would have been done then should have been 183k. I called the mortage company that holds both loans and they will do nothing I explained my situation about that appraisal, they told me they used a AVM and there must have been a glitch.
Appraisal done on my town home was inflated?Sell it .
Appraisal done on my town home was inflated?They don't have to let you refinance now based on an appraisal that was done a year ago, even if they are the ones who did the appraisal then.
It sounds like the appraiser a year ago did a kind of sloppy job. If your credit was really good, they probably didn't worry about it too much because they knew you'd pay it back. "comps" are never exact unless the house is new, they just give a rough estimate.
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