No. of Recommendations: 3
Hi Lauraly,

You should have the ability to recieve from Amerisave the adjustments they made to reach a value of $295,000. You should also have the opportunity to present additional data that perhaps the appraiser did not use, or Amerisave did not use. Perhaps you have some comparable sales to reinforce the original appraised value, or that may counter Amerisave's viewpoint?

I'm in the mortgage industry and see appraisals daily. At that bank I work at, each appraisal is reviewed by underwriting. For the most part, they are just checking to see if the appraiser followed accepted guidelines. On rare occassion I have seen where the bank's appraisal review process has resulted in lowering the appraiser's submitted value. I hate when that happens. Yet, I do have the results of my bank's u/w review prior to the homeowner receiving a copy of the appraisal. That way, while it's still a difficult phone call to make, I do alert the homeowner of the appraiser's value, the bank's view, and the reason why adjustments were made. This phone call is then well received by the homeowner. Not. I hate making phone calls on lowered appraisals.

But if I had inside info, perhaps it may be an easier phone call to make. At the beginning of each loan application I always ask the homeowner what they have as a ballpark guess on their home's value, and how they are coming up with that guess. I keep notes of this conversation.

I do very much understand your frustration. But, then again, what do you think is a fair appraised value? On your last post to this board, you suggested what your home may only be worth. Here it is:

We have a mortgage at 4.5% through B of A owing $310k. Our home is probably worth about $290k (maybe less).

Being approved for a mortgage now a days has so many moving parts, so many paths to navigate, so many phone calls to make that are not fun. I would guess your best option right now is to try and negotiate with Amerisave on the value. HARP is an alternative, you may also want to run a scenario by your current servicing company, BofA. Have fun, make sure the end result is worth the effort.
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