In my recent mortgage re-fi experience, one of the (many) hurdles was the fact that the appraisal came in for much lower than expected (even taking the downturn into account).
My broker, Jeff (contact details below, he ROCKS!) told me about the new Home Valuation Code of Conduct, which makes it impossible for us to discuss with the appraisers how he arrived at his conclusion.
Now, everyone thinks their appraisals are too low or too high (depending on their interest at the moment)—and needless to say, I am stuck with a higher assessment for taxes owed to the country—but when I finally saw the report from the guy, I had to laugh.
Saying my house was comparable to some of the other houses he had pictured…you’d laugh as well.
Anyway, Jeff was interviewed on WBAL in Baltimore about this and, if this is relevant to you, you might enjoy watching it.
And, if you need him….(tell him I sent you)
Jeffrey H. Cooper, Managing Partner
Great Oak Lending Partners
1920 Greenspring Drive, Suite 160, Timonium, MD 21093
Phone: 443-901-1777 x 1001 * Fax: 443-264-0268
MD LICENSE: 15511
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