House Appraisal question...does this seem fishy to you?

MrsGabbs4Ed · February 2012

We bought our house in July 2011 and paid down enough of the mortgage to get rid of PMI. We began the process to get rid of PMI. PNC told us we had to have the place appraised and they sent an appraisal person over, we were not allowed to choose our own appraiser it was sent by them. Appraiser told us our house was worth 10k less than what we paid for it and we could not terminate PMI until 2018. Didn't even give us the option to try and pay the difference. This appraisal was done 2 months ago.

We decided to refi instead. Got approved and are set to close in a few weeks. Had to have ANOTHER appraisal done. Well guess what? Now our house appraised for 11k MORE than what we paid for it. We have made NO additions or any modifications to our house at ALL.

It seems to me that PNC purposely f*cked us over by giving us a BS appraisal just so they can collect our $200 extra PMI per month. Luckily in a few weeks our new loan has us saving over $500 a month now and NO MORE PMI.

Now I do not know a damned thing about all this BS but really? My house is worth 10k less 2 months ago and is now worth 11k more? Is this reflection truly accurate or have I been taken for a ride with PNC? WDYT?

hookersbabe · February 2012

that's not unheard of. i get an estimate of my house's value every week from mint. i think they pull from zillow. its been fluctuating up and down for the past 6 months.

LizDP · February 2012

Have you reviewed both appraisals?

debfife · February 2012

I have a few comments but I'm not going to make them. Because you're right, the entire world is against you & out to get you.

MrsDB · February 2012

Well, someone in the mortgage business once told me that they want the appraisal to come in low. It's not so much that they want you to pay PMI, but that they don't want to give a loan on a house that may possibly not be worth that much in case you never make the payments. Appraisals are basically just an opinion, it's not how much the bank can gaurantee they'll get if you foreclose, so they should be cautious. but it sucks.

megann831 · February 2012

We had an appraisal done in July that came in ridiculously low. We went through Quick Loans and had nothing to do with the appraiser. I also found it really fishy, but now we're doing something again with another company and they're also arranging for the appraisal. They said now the home owner has nothing to do with the appraisal, it's all done though the bank. They also can not reuse appraisals.

MrsGabbs4Ed · February 2012

debfife:
I have a few comments but I'm not going to make them. Because you're right, the entire world is against you & out to get you.

I know the current market is a mess, but that is pretty much it. I've never had an appraisal nor have I re-fi-ed before either. I just assumed that since the market sucks and prices are going down that every day my house would be worth less and less, not more. Maybe PNC was accurate who knows? I have no idea what to expect, I was looking to get some opinions and perspective on it from others who've been in a similar boat and hope that I am not being taken for a ride. And no not everyone is always out to get me, but I am sure you'll think what you want nonetheless so whatever....

CLord · February 2012

It honestly depends on who does your appraisal and what has sold that's comparable in your neighborhood within the last six months. You'd have to see what they used for comps in the first appraisal- may have been you had some short sales for foreclosures in the first appraisal.

Something similar to this happened to us. We put the Canterbury place on the market and sold for a certain price. The appraisal (BOA) came back 10 K less than what WE originally payed. Six months later, we sold for sale by owner; our house appraised for exactly what we sold for.

We're in the process of a re-fi, and I'm praying that the appraisal comes back with good news.

Liz051405 · February 2012

Look at the comps that were used in each.

Also did your neighbor that just moved in close between the appraisals? That company have given you a boost as it was going to be the closest comp.

meredith7327 · February 2012

From what I understand, there are all of these new compliance issues concerning appraisals. I believe that the lenders are not in contact with the appraisers either, they order them through these HVCC compliant appraisal management companies, who randomly select an appraiser. When we bought our first house 9 years ago, we used our lenders appraiser and basically told them what we needed our house to appraise for and had no problems at all. When we moved 2 years ago and purchased this house it was a totally different experience, nobody had any contact with the appraiser at all, we even had a minor clerical error on the appraisal and according to these new guidelines a whole new appraisal had to be ordered.

browneyedgrl4282 · February 2012

Maybe the house that just sold had something to do with it! If you had the first appraisal before that house was sold, that could cause the change.

For what it is worth you will get a different opinion from every appraisal!

House Appraisal question...does this seem fishy to you?

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