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Updated over 6 years ago on . Most recent reply
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How to value in market with huge price swings
Hi all, I am looking to refinance a possibly under-water property. I say possibly because the particular neighborhood has some pretty wild price swings on seemingly comparable houses (I mean swings of 100% ore more!). Much had to do with a rash of established owner deaths, compounded by foreclosures piling on the "low" end, but more "normal" sales at the higher end the past year, most recent listing are right where I hope to be. Is there any way to affect the appraisal process, or is this a "luck of the draw" type scenario. Is it possible to seek out lenders known to be "generous", or would a broker be better? Or, am I just gambling with the appraisal fee and hoping for the best? My first step is going to be to ask my realtor....any other thoughts? The refi is a veritable must. Right now it's a loss property and just "fixing" the rate would be profit.
I'l' be doing the obvious of making sure the house shows well.
Thanks,
Jay