Hi everyone,
We're buying our first home. We were doing a conventional 30-year fixed, but now we had to switch to FHA because Portland, OR has been declared a declining market and our lender (Wells Fargo) wants more money down that we just don't have. Our credit scores are both 750+ and we both have great jobs etc.
We ordered the appraisal yesterday. I was not worried at all before, but our lender said, by the way, now that Portland is a declining market, a lot of appraisals are coming back stamped with "declining market" or some similar commentary on the appraisal, and then the bank may require another 5% down if this is the case.
So now I'm kind of worried. Questions:
1) I know that tax appraisal isn't closely linked to the "real" appraisal, but why is the 'real market' tax appraisal $480,000 when we bought the house for $379,000? The market isn't really declining that much here, and the house was never listed even close to that.
2) Can I fight the bank on this 'extra 5%' thing if they do that?
3) Does the time-on-market of the house being appraised affect the appraisal, or is it only comps in the neighborhood?
3) Should I stop packing up my stuff and wait and see?
Here's more info on the house f.y.i...
Single family residential
Year built: 1992
Square feet:
Total Finished: 1990
Incl. Garage: 2386
Assessment History:
Year ------------- 2007
Improvements -- $250,230.00
Land ------------- $230,400.00
Special Mkt/Use - $0.00
Real Market ------ $480,630.00
Exemptions ------ $0.00
Assessed --------- $225,320.00
Other Features:
.23 Acre lot
Gas water, furnace, stove, fireplace insert
Security system, sprinkler system
3 bedroom, 3 bath
2 car garage
Deck, decent landscaping
Thanks!
We're buying our first home. We were doing a conventional 30-year fixed, but now we had to switch to FHA because Portland, OR has been declared a declining market and our lender (Wells Fargo) wants more money down that we just don't have. Our credit scores are both 750+ and we both have great jobs etc.
We ordered the appraisal yesterday. I was not worried at all before, but our lender said, by the way, now that Portland is a declining market, a lot of appraisals are coming back stamped with "declining market" or some similar commentary on the appraisal, and then the bank may require another 5% down if this is the case.
So now I'm kind of worried. Questions:
1) I know that tax appraisal isn't closely linked to the "real" appraisal, but why is the 'real market' tax appraisal $480,000 when we bought the house for $379,000? The market isn't really declining that much here, and the house was never listed even close to that.
2) Can I fight the bank on this 'extra 5%' thing if they do that?
3) Does the time-on-market of the house being appraised affect the appraisal, or is it only comps in the neighborhood?
3) Should I stop packing up my stuff and wait and see?
Here's more info on the house f.y.i...
Single family residential
Year built: 1992
Square feet:
Total Finished: 1990
Incl. Garage: 2386
Assessment History:
Year ------------- 2007
Improvements -- $250,230.00
Land ------------- $230,400.00
Special Mkt/Use - $0.00
Real Market ------ $480,630.00
Exemptions ------ $0.00
Assessed --------- $225,320.00
Other Features:
.23 Acre lot
Gas water, furnace, stove, fireplace insert
Security system, sprinkler system
3 bedroom, 3 bath
2 car garage
Deck, decent landscaping
Thanks!