By Lou Carlozo
WASHINGTON | Tue Jan 22, 2013 3:45pm EST
(Reuters) – When Kellie and Michael May decided to refinance their home in the New York suburbs, they wanted to take advantage of historically low interest rates. But before landing a new 30-year fixed-rate mortgage, they had to get through a home appraisal.
“It was a major stumbling block,” says Kellie May, who has owned the 4-bedroom, 3-bath colonial for seven years. Not that she and her husband were unprepared; they’d been through an appraisal for another refinance in 2010, so they knew to point out improvements they’d made to the 3,400 square foot home, and supply prices for other neighborhood properties that had sold recently.
But the appraisal came back roughly $70,000 less than the $1,230,000 the Mays were expecting, and too low to support their new loan.
They responded with a paperwork arsenal aimed at their lender, asserting that the appraisal had been based on faulty recent sales data.
Find a Lambros Real Estate ERA Agent at one of our Montana offices.
|Our Real Estate Agents||Our Real Estate Local Web Sites|
|Missoula – Southgate Mall||www.lambroserasouthgatemall.com|