Category Archives: Dealing with Mindless Corporations

Appraisal Hell

I wake up at 3 am in Appraisal Hell.

A little background is probably in order. Wife is ready to retire in a few years. Income will drop when she stops working. Refinancing our home at a lower rate would reduce our payments and thereby increase our income. Submit a Refinance application. Have the property appraised to determine what it’s worth for the lender. Enter Hell.

I’ve only been to Appraisal Hell once before, when, during the housing collapse, we tried to take cash out of a property to pay for our son’s college. The appraisal was so low that we had almost no equity. This may or may not have been correct, but times were crazy and I couldn’t really dispute it. This time around though, I know the appraiser is saying that our house is worth about $75,000 less than it is really worth. Hey, I’m a property manager and real estate investor. I’m ALWAYS watching how much houses sell for, just to stay informed.

At this point in time we can still get the loan, but I am really mad that I have paid $450 for someone to write up an inaccurate appraisal. And, since it changes our loan to value ratio, our fees have raised by a couple hundred dollars. Now, I’m happy to say that the appraiser is being really good about addressing my concerns, it seems like he could just blow me off. So, he may be the victim of circumstances, which involve a dearth of comparable properties in the area. Or, he may be incompetent, I don’t know.

Practice-wise I feel like I am caught in a quandary. I don’t like the physical feeling of being angry, but if I let this go, will I stop fighting ? Maybe, maybe not. I guess I’ll talk to the Zen teacher tomorrow. I need some clarity to get me out of HELL !