Low Appraisal, What Can I Do?

[Mike Kennedy]

Hi,

So quick question, hoping to get some expert advice. We had our home appraised 18 months ago and it came back at $640k. We are now expecting our 3rd baby and was looking to get a heloc to add another bedroom to our home. We figured if our house was worth $640k we'd just be in that magic 80% LTV ratio the banks need. So we've gone thru the loan process, and just got a new appraisal and it just came back at $626k. I haven't seen the actual report yet, so I don't know what comps were used, etc.... BUT we are so close to the $640k, do I have any options? Anyway we could go back to the appraiser to reconsider? Again, I don't know specifics of the report yet, but was more just asking more knowledgeable people if you are $14k short of that magic number is there anyway to try and adjust it?

Where in Connecticut?

 

[DonRico]

Very nice article Denis, thanks for the link.

A difference of 2% could be explained by the seasonal nature of some Connecticut Markets. OP just had an Appraisal in February, citing Comps sold within the prior 6 month "slow" season. His Original Appraisal was done 18 months ago, during the height of the summer selling season.