My condo appraisal came back $18,000 lower than I needed

I'm trying to do a cash out refi on my place in Phoenix to consolidate some debt, but the appraiser valued it way under what I was expecting. Turns out my neighbor's foreclosure sale from 3 months ago dragged down the comps. Anyone else deal with a bad appraisal and find a way to fight it?

3 comments

3 Comments

hugo2383d ago

Yeah but here's the thing, that foreclosure comp is probably gonna drag your value down for a WHILE unless you can prove it was a distressed sale. I had a similar issue last year where a short sale down the block killed my refi. You gotta get your agent to write up a whole rebuttal letter showing that your place is updated and the foreclosed house was basically a dump. Also maybe see if the appraiser used any other shady comps like sales from six months ago that are way lower than current market. If you can get three solid active listings or pending sales that back up your number, you might have a shot at a reconsideration of value. But honestly the banks are jerks about this stuff so don't get your hopes up too high.

adam_robinson3d agoOG Member

Read that foreclosure comps usually get less weight if you can prove it was a distressed sale.

spencer_hayes713d ago

Always thought comps were fair but this foreclosure thing changed my mind, you got a realtor helping you fight it?