Refi Appraisal question

[Elliott]

Complaining about refinancing at below 4% which reduces you monthly payments five hundred dollars a month is definitely a first world problem. Bring back pre-payment penalties so savers can get a decent CD rate.

 

[Lee Lansford]

We are in the process of refinancing our home. We had an appraisal, which came in low. We bought the mid century gem in original state and have installed new high end kitchen, new Furnace, new lighting, 100% new solid surface flooring, the list goes in. I spoke with the lender, who has indicated we have little recourse. The low appraisal will not effect our loan, but it seems very shady. In addition, we had 2 things to finish in the kitchen and then the appraiser will come back out. He called my husband and told him to just send a couple of photos. I am looking for honest, professional opinions. Something does not smell right about this.

I would NOT be sending that appraiser photos.

Lazy. Dishonest.

 

[TJSum]

If the appraiser is willing to commit fraud with the pictures, that leads me to question everything about their work.

 

[CindyR]

If the appraiser is willing to commit fraud with the pictures, that leads me to question everything about their work.

Well maybe not. We got specific instructions from the Phoenix RLC that for VA purposes it doesn't matter who takes the pictures. 99.9% of the time i return to the property and verify the repairs are complete and take my own pictures. but on very rare occasions if it is a simple but necessary repair that can be easily confirmed by a photo i have let an agent or owner send me a picture. one that comes to mind is the front light fixture was missing and the wires were just sticking out of the wall. it was very easy to see the fixture was installed and the wiring was no longer exposed.

just saying we might be jumping to conclusions about this issue

 

[bnmappraisal]

just saying we might be jumping to conclusions about this issue

Very true, Cindy. It comes down to the SOW for the appraiser

That's why I asked if it's for FNMA and on a 1004D form in my post #2

If so, and as others have said ... supposed to be another original inspect by the appraiser with pics from said additional original inspect

 

[CANative]

It's not a matter of who takes the pictures, it's a matter of were your there or not there?

 

[sputnam]

We are in the process of refinancing our home. We had an appraisal, which came in low. We bought the mid century gem in original state and have installed new high end kitchen, new Furnace, new lighting, 100% new solid surface flooring, the list goes in. I spoke with the lender, who has indicated we have little recourse. The low appraisal will not effect our loan, but it seems very shady. In addition, we had 2 things to finish in the kitchen and then the appraiser will come back out. He called my husband and told him to just send a couple of photos. I am looking for honest, professional opinions. Something does not smell right about this.

The only function of that appraisal is to help the lender decide whether to approve your loan or not. Since it won't impact your loan, don't sweat it. The hard cold fact is, the only way to be certain about what your property is worth is to put it on the market and see what someone will pay for it. I'm assuming that's not in your immediate plans.