texas_jack
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2 kitchens?
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2 kitchens?
So I've been waiting almost 2 weeks to get an appraisal back for a refi that I'm trying to do. Combination of lower rate plus small cashout to keep my payment the same but get cash so I can do my kitchen reno sooner rather than later. My house is probably the biggest in the neighborhood Square footage wise. The dumbass appraiser set the floor for Square footage too high so he had to go way outside my neighborhood (to the ghetto) to find a house with comparable square footage. Appraisal came back at 375k. We were appraised last October at 480k. If I miss my lock date because we have to appeal this foolishness, it's really going to hit the fan (rates have shot up since our lock date, eliminating the benefit of continuing).
For example, our house is 2900sf 4br 2.5ba with 2 kitchens and 2 living rooms. A house 2 doors down with 4br 2ba and 2360sf sold 2 weeks ago for 460k. That house has a lot of weird stuff going on and is not as nice as my house. That house is also not used in the appraisal - I'm sure because it didn't come up for the appraiser because he set his SF floor too high during his search.
I hate appraisers, but you can thank Dodd Frank for this. Appraisers see the purchase price before appraising on new purchases but not on refis. Also, banks can no longer select the appraiser - they are assigned from a pool.
I tried refiing. I wanted to get a $30k valuation increase because housing prices have gone way up since we bought, and we have done a lot of work to the house. House came in at what we bought it for. Appealed and pointed out some recent sales, and she just dismissed them out of hand.
The bolded statement is wrong (at least in TN). I just had the same appraiser appraise my house that did it last year. We are going through the same bank and same loan guy for our refi.
2 kitchens?
Doesn't sound like the appraiser is too sharp. Location is MUCH more important than finding a square footage match. Especially as the biggest house in the neighborhood, you will probably not expect too big of a premium over smaller homes in your immediate area, it would have been more fair for them to base it off of your neighbors' smaller homes.
Oh yeah location where we live if you even found a $375 k home it probably wouldn't even ha,be a kitchen or even a foundation for that matter
Summary for Santa cruz
The median sales price for homes in Santa cruz CA for Feb 15 to May 15 was $674,000. This represents a decline of 0.1%, or $1,000, compared to the prior quarter and an increase of 0.6% compared to the prior year. Sales prices have appreciated 19.3% over the last 5 years in Santa cruz. The average listing price for Santa cruz homes for sale on Trulia was $968,229 for the week ending May 13, which represents an increase of 3.4%, or $32,205, compared to the prior week and a decline of 0.5%, or $4,495, compared to the week ending Apr 22. Average price per square foot for Santa cruz CA was $542, an increase of 4.2% compared to the same period last year.
Not sure what all the middle school histrionics are about. I was just commenting on the huge disparity in home prices that are driven simply by location location . Someone seems a bit sensitive. Sorry I never meant to trigger an episode