All Forum Posts by: Gilbert Lugo

Well, that’s  where the problem is. The property was “spiffed up” and in good condition and I’d say the first appraiser was honest in the appraisal. The one that came in low the properties he selected were clearly under-par some even read “needs TLC”. 

@Mark Hove

@Clint Shelley thats awesome hopefully I get as lucky as you. 

@Jarod Dudley I ordered another appraisal because the lender insisted on ordering a new one even though I was in communication with them during this time. I asked the lender to use the most recent but they just said that they would pay for one at no cost to me. 

@Chuck Sutherland I’ve already provided the lender with the previous appraisal which came in right. As I go through the appraisal I have already noticed some discrepancies that I will respectfully be updating the lender with.  

@Account Closed thank you for taking the time to help. I will be combing through the appraisal and asking for a reconsideration.  

@Joe Splitrock thank you for your input. First refi and it’s already going into the books as an experience. I’ll dig in a little deeper into the comps and see what I can find. 

Thank you again

@Jon A. the comps that he used were of lower quality compared to the previous. 

@John Teachout I understand that myself and the lender want the outcome in their beat interest but I will look into my options. At this moment the lender requested the previous appraisal so I guess I go from there. 

Thank you guys for your help!

@Matthew Dennehy thank you for your advise. After speaking with the lender I was thinking of contacting the appraiser but wasn’t sure if that was a way to go also. 

Funny thing is the second appraiser was the same guy who appraised the property when I originally purchased it 16 months ago and after all repairs and upgrades he only appraised it 8k above his initial appraisal. 

In its present condition I believe it’s worth the $200k at which it originally appraised at. 

@John Teachout

I agree with @Theresa Harris. Don’t cut corners to make the numbers work. Know what you want and go after it. 

Tip: Check if your property is in a flood zone you don’t want any extra surprises.