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House Appraisal

Have you ever went to refinance your house and found out that the appraisal was nowhere near where it has been in the past?

We just had ours appraised last month and it appraised as $25K less than it did 6 months after we built it in 2002.

I know the market and the economy sucks, but seriously...how is that even possible?

 
AllAboutKeeley

Asked by AllAboutKeeley at 5:22 PM on May. 3, 2011 in Home & Garden

Level 33 (59,874 Credits)
This question is closed.
Answers (9)
  • I know! Real estate has now reached the 2002 level in many places.

    There was also a little "appraisal fraud" that had been occurring in the housing market for a long time. Mortgage companies would use appraisers who set the price at the high level in order to approve more money on the loan. They got away with it for a long time because of the rapidly growing bubble . . . the home was always sold at a higher price then the appraisal. Also, buyers were often paying more than the home would appraise for, which would cancel out loan approval, so the appraisers knew that they had to up it to a certain price.

    It is a big mess we have made of things.
    ImaginationMama

    Answer by ImaginationMama at 5:29 PM on May. 3, 2011

  • Um. Well we are currently trying to sell the house we bought 10 years ago for 172k for now $169k but knowing we will be low-balled to 160k - 10 years in to this.. makes me sick to my stomach
    maxsmom11807

    Answer by maxsmom11807 at 5:25 PM on May. 3, 2011

  • It is all craziness - but that is why they call it the real estate "market."
    tasches

    Answer by tasches at 6:46 PM on May. 3, 2011

  • That sounds pretty average. I'm sorry, though :-(
    KateDinVA

    Answer by KateDinVA at 11:47 PM on May. 3, 2011

  • We just had our appraised for a refinance and it appraised at the same price that it appraised for in 2003 =(
    slw123

    Answer by slw123 at 10:29 AM on May. 4, 2011

  • This makes me ill to even think about. 25k is a huge amount to go down. Perhaps wait a while before you sell? We are currently looking to buy a house and Im actually scared to do so.
    KristinRox

    Answer by KristinRox at 10:01 AM on May. 5, 2011

  • Umm no. I haven't gottne to own a home yet!
    ethans_momma06

    Answer by ethans_momma06 at 2:32 PM on May. 5, 2011

  • no clue
    tonyalynn

    Answer by tonyalynn at 8:52 PM on May. 5, 2011

  • we have not had this house appraised yet, but will soon as we want to sell it. I know it will not be worth what it should be due to the economy..
    KTMOM

    Answer by KTMOM at 9:04 AM on May. 7, 2011

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