refi

[timber21thelaw]

We started the process of refi in Jan, today we were just told that they are going with the lowest of the 3 appraisals. My question is this, out of the so called 3 appraisals done only 1 appraiser had come into our home, now can the bank use the appraisal from the person(s) that did not come into the house to do the refi?

 

[jharris352]

They are loaning the money and can use any appraisal they want. If you are not satisfied with them I would encourage you to look for another lender.

 

[timber21thelaw]

we know they can use any.
my question was can they use the appraisal from the person that DID NOT come in our home to see the inside. They only drove by.

 

[jharris352]

As I said (I wasn't trying to be rude) they can use any appraisal they want, if it fits into the guidelines of their bundling and selling agreement. So the short answer is YES. They can use a driveby if that is what they want. The truth of the matter is that for market assessment a drive-by is just as accurate as a full appraisal. The only thing going into the house does is finds problems that would decrease the house value. Appraisals are all about square footage and location. Going inside the house is to insure that the house is not trashed. If you have gold toilet seats or expensive carpet it is not going to increase your house value much or at all.