"Heads Up...Disappearing HELOCs"
[ame="http://www.sowal.com/bb/showthread.php?t=19826"]Heads Up - Disappearing HELOCs - SoWal Beaches Forum[/ame]
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Citibank Reappraisal
- Thread starter whosyodaddy
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"Heads Up...Disappearing HELOCs"
[ame="http://www.sowal.com/bb/showthread.php?t=19826"]Heads Up - Disappearing HELOCs - SoWal Beaches Forum[/ame]
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One of my lenders, also out of state but not Citibank, has ordered reappraisals on every property they have financed for me. I assume they are doing this on much of their portfolio. These "appraisal clearing houses" that these lenders use find the low ball appraisal bidder and that is who they use. Several of mine were done by Coastal Property Consultants, Lyn Wilkinson. The appraisals that this company prepared are so low, I would have laughed except they made my stomach hurt so badly I had to focus on breathing. Ironically, on one of the properties, Coastal's appraisal was 30% lower than an appraisal that a different lender ordered within the same time frame on the same house. Beware if you end up getting stuck with this company because they don't understand comps other than square feet. Shelly, from the best I can tell, they didn't give me an extra nickel for the granite counter tops. I'm still in shock not to mention pi---d off. 
waterst1, can you not order your own appraisals and turn them in to your lender to show the disparity? this looks like one case where the buyer awarded the job to the 'highest'(appraisal company) bidder. oh wait, kind of like our county govt...
appraisals are not an exact science and even with plenty of sales to use for comps, if you get three appraisals from three different people, you will have three different opinions of value. In a market like we currently have, with so few sales to use as comps, the variance between the three different appraisers will likely be exaggerated, depending on what they use for comps.