One of the most frustrating parts of refinancing your home loan is being told by your lender that an appraiser will not consider your opinion when setting the rate on your loan. Even if the appraiser does have a fairly lax bias, he or she most likely is not going to set the appraised new rate that the bank is hoping for. In fact, the appraiser is likely going to find that the current interest rate is too high and that refinancing should be done. This situation typically results in the homeowner either getting stuck with the higher payment or walking away from their home loan altogether.
If this happens to you, what options do you have? First, try calling your lender one last time to see if you can work out an agreement. More than likely, they will not want to renegotiate the terms of the loan because it is likely they will lose money on the transaction. They may, however, be willing to reduce the appraised value in order to make the loan more manageable for the borrower. By reducing the appraised value, the lender will then allow for higher interest rates, thereby reducing the borrower's monthly payment.
Second, you may wish to dispute the appraiser's initial appraisal. If this fails, the next step is to hire an expert appraiser who is skilled in evaluating home values. You can then go to the bank with your offer to fix the problems with the appraised value. The bank's appraisal authority, which is usually the appraisal department that approved the original mortgage, can be convinced that the appraiser made errors when considering the property.
The Property Appraiser Will Not Consider
Your third option, which is also an option for borrowers with good credit but bad credit, is to seek a new appraisal on the property after it has been sold. If the lender agrees, then you would have a new appraisal that shows the higher value than the original appraisal. This is something that The Appraiser Will Not Consider, and you are left with the higher value to fix the problems with the loan.
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Fourth, you could decide to take the home to an outside appraiser who is familiar with the area. The appraiser will make a more detailed floor plan of the house, and this floor plan will be used as the basis for the lender's decision regarding the loan. Having the appraiser to look at the house again will allow the lender to see what problems were missed in the original appraisal. This will ultimately allow the borrower to have a chance to fix these problems.
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Fifth, you can request that the appraisals be revised. With this request, you can request that the appraisers put forth any new information that could have affected the final appraisals. A lender may agree to the request if the cost of revising the appraisal is less than the cost of having the appraisals done anew. Of course, the lender may decline the request, especially if the request is made before the current year expires. If this happens, then the borrower must wait until next year to apply for a new mortgage.
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Sixth, you can go to the county clerk of the courthouse in the area where the property is located. There is a list of appraisals that have been previously placed on the courthouse's website. By looking up the appraisals listed on this website, you can see the market value of the house, based on similar homes in the area that have recently sold. Then you can see if the appraiser under the category of the market value recommended a price that is lower than the current market value.
Lastly, if the lender or broker downplaying the importance of an appraisal, then it is time to find an appraiser who is willing to work according to your wishes and guidelines. Your best bet would be to work with a company that offers appraisal services that are totally independent. This way, they are not affiliated with any one lender, broker, or appraiser. By using a company that does this, you get the best possible appraisal report that gives you a better picture of the true market value of your house.
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