With the recent dip in interest rates many homeowners are rushing to refinance only to come upon a very large obstacle, appraised values of their homes are coming in low…very low. The biggest reason being that there are not enough comparable property sales in the past 3 months to set lenders nerves at ease. Perhaps you are having better luck than this, but we personally have had clients call and ask how this little problem might be alleviated.
So what can you do? Hopefully “the banker” will chime in with a little insight from that of the lender, otherwise, we’d suggest contacting your Realtor, asking for as many comparable sales as they can come up with, talking to your appraiser, taking them golfing or to lunch, buying them nice bottles of wine, and getting them backstage. If that doesn’t work, the most simple advice we can give is an old saying, “If at first you don’t succeed, try, try again.” There are many appraisers out there, and there are many mortgage brokers (okay, not as many as there were) that will do what they can to earn your business. Shop around, find the broker that will not only get you the best rate, but also get the deal done. Keep in mind, sales that happened as little as six to nine months ago may really not apply depending on your property. Yes, the market has changed that much, that fast, in some parts of San Francisco. Others…not so much.
Do you, the reader, have a recommendation for a broker that you recently used? Did you have this same problem and how did you get around it, if at all? We’d love to hear your stories and thoughts, because we’re all in this together and we can all learn from each others mistakes and triumphs, so share the goods. You know we’d do the same.