Countrywide low balled us on our home appraisal for our refinance!? Help?

We are refinancing our home. 2 years ago we had our home appraised at 207,000. We are currently trying to refinance through Countrywide Home Loans. We payed $450 out of our pocket to have our home appraised. The lady came and was maybe in her early 20's. She was not very friendly. We were set to close when we found out that our appriasal came back at 200,000. This makes no sence to us as we have recently recarpeted our whole house with brand new burber carpet and put a new roof/shingles on. How could our appraisal go down in 2 years when our house is in excellent immaculate condition? We have a huge house of 2800 sq ft house which makes our value of only 72.00 a sqft. This has really screwed us up as we were needing to get some money to pay off some bills. What are we to do now? We have made several calls and are still waiting for someone to return our call. Can anyone offer some advice?? Thanks!

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  • 1 decade ago
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    Unfortunately this is happening to everyone because there is a flood of foreclosures and brand new homes built by developers that aren't selling. In my area, home prices are down 30% from 2007 and a lot of homeowners are upside down. The only thing you can do is to hire another appraiser, have them do an extensive inside/outside appraiser and HOPE they come up with a different number. I find giving the appraiser a list of all the improvements (especially ones they can't see) that are permanent to the value of the house, always gives me a better appraisal than neighbors who have only had a drive by appraisal. Carpet doesn't add much value but your new roof does. Also, if you have upgraded (not builder basic) appliances, fixtures, counter tops, windows, insulation, HVAC system, automatic sprinklers, water heater, whole house filtration/softening system, wall treatments (like wood wainscoting, crown molding, over sized base), flooring (stone, wood), patio/cover, anything affixed and permanent that upgrades your home, that adds value. Even with all of the improvements we have made to our home, the economy, foreclosures and over building of new homes in our area meant we still took the 30% hit just like everyone else, we just started from a higher value than they did.

  • 1 decade ago

    Your appraisal went down because the overall market value of houses has gone down throughout the country. Sadly, the bank isn't interested in what you think the house is worth - they want to know what they could sell it for if you don't pay your loan.

    I would contact a local realtor and ask them to give you an estimated price so that you can determine if fighting is even worth it.

    Also, it isn't a good idea to use your house as a piggy bank. Only go ahead with this if you can't find another way to pay off the bills. Keep in mind, unpaid credit cards can mess up your credit score, and an unpaid car loan means you take the bus, but an unpaid mortgage means you have no home.

    If you can't get an appraisal to get the amounts you need, then find other ways to cut your budget and increase your income so you can pay off the loan.

  • 1 decade ago

    Haven't been reading the papers or watching the news much lately have you? Are you aware of this financial crisis which has been spoken about over the past 7-9 months? It is in large part due to the collapse in housing prices. On the magnitude of 20%, 30% and 40%. And you're complaining that your home has declined only about 3.5% in value? I suggest you start reading the news so you understand this situation more clearly.

    By the way, taking equity out of your home to pay ongoing bills is a road to doom. You'll have another bill and more debt to pay off. Besides learning more the current events, it sounds as though you also need to learn to live within your means. Good luck.

  • horey
    Lv 4
    4 years ago

    it is not our "form of government" it particularly is grow to be unfavourable yet how Obama is perverting and twisting it as a fashion to strengthen his own agendas, i.e., having the IRS harass non-liberal companies, turning the branch of Justice on the media to objective and silence them, etc.,.

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