Currently working through a refinance and I know trusting any online service for home value estimates is a crap shoot but I ran through a bunch (Chase, Zillow, Redfin, etc) and settled on a safe bet of $455,000. The mortgage company did their own initial internal research and got back to me with a high probability that $460,000 was the value. The appraiser comes out and the report shows $365,000. The comps that were used are around the same size and within six months but are older homes with different construction (wood frame vs CBS). Our house was built in 2005 and the comps range from 1989-1999 and one even shows as a “handyman’s special”. Is it worth trying to fight this? I’m still waiting to hear back from the mortgage company.
Read more at https://www.reddit.com/r/RealEstate/comments/1cije1s/low_appraisal/?utm_source=ifttt
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