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Tag: low appraisal

  1. Buyers unknowingly paid $20K more than the appraisal. Who should have warned them?

      Reader Question: They paid $20K more for the property than it was worth. My daughter and her husband purchased a home for $145,000 and found out a few weeks later, the appraisal was only $125,000. Neither their agent nor the lender advised them of it. Who should have? Monty’s Answer: There are several considerations […]

    Categories
    Gathering Information
    Home Buying
  2. An incompetent appraiser is preventing me from refinancing. What can I do?

    Reader Question: I have appraisal issues. I applied to an online lender a year ago to refinance my mortgage. The loan was approved. The only remaining step being the appraisal. The appraisal came in with a value that was woefully inadequate. The appraiser did not use fair comparables and neglected to perform due diligence in […]

    Categories
    Home Finances
    Home Owning
  3. A low appraisal was adjusted higher without my knowledge. I could have negoitated for more had I known. What can I do now?

    Reader Question: I had a low appraisal. I recently closed on a home for $180,000. I just learned the appraiser along with the agent and lender adjusted the appraisal from $176,000 to $179,000. They never informed me of the original price. Had I been informed, I could have negotiated for the $4,000. What can I do […]

    Categories
    Applying for a Mortgage
    Home Buying

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