Shitty housing market [Rant]
Posted: Thu Jun 07, 2007 1:47 am
Ok, I just paid $385 for an appraisal. The theory was to refinance my 2nd mortgage to a better payment/rate, in order to prepare for building/buying a new home within a year. The appraisal came back at only $2,000 higher than my last appraisal 4 years ago. I realize the housing market is in bad shape, but I've done a lot of updates since the last appraisal. A $2,000 equity increase in 4 years, considering the updates, means that my house has probably depreciated significantly.
Countrywide contracted the appraisal, so it's not my[/] appraisal. I read some stuff online suggesting that several mortgage lenders, including Countrywide, have begun low-balling appraisals due to being in trouble with predatory lending in recent past.
Anyone else seen similar results in recent appraisals? Either I've paid $385 for a not-so-accurate appraisal, or my house sucks.
Countrywide contracted the appraisal, so it's not my[/] appraisal. I read some stuff online suggesting that several mortgage lenders, including Countrywide, have begun low-balling appraisals due to being in trouble with predatory lending in recent past.
Anyone else seen similar results in recent appraisals? Either I've paid $385 for a not-so-accurate appraisal, or my house sucks.