Home Appraiser information

More Countrywide scams?

I called Countrywide home loans today to see if they would combine my first and second mortgage, second is at 11% interest with a balloon payment due. I bought the home five years ago for 340,000.00.
My latest appraisal came in at over 500,000 (renovated). The loan officer at Countrywide tried to convince me the home was only worth 270,000. Of course he has no current data so he could not possible know what my home is worth. What are these people up to now? The last appraisal they did with one of their people was two years ago and 80,000.00 less than what we had the home appraised after their appraiser left. I have a better offer but does anyone know why they are only using their appraisers and giving people false information?

Take the better offer . . . banks call a lot of the shots with appraised value . . . and appraisers . . . even if your paying the appraiser, the banks has a certain set of guidelines for how they want the appraisal done . . . it’s their money . . . so they can pretty much do what they want . . .

Countrywide probably will not lend on renovated value . . . they are under no obligation to consider renovations . . . and are probably not only looking at your house and the recent sales close to your home . . . but our considering the area as well . . . so if your city has seen a significant decline in value, even if your neighborhood is stable . . . they will write down the loan value.

They could be looking at a model which calculates future foreclosures (banks are doing that now) . . . so if you have a couple of foreclosures or homes that will be in foreclosure in your neighborhood the bank will discount your home . . .

And last, and sorry for the essay, certain areas due to high levels of foreclosure activity have been deemed to risky to loan for some (not all) banks . . . mainly the banks which got in over their head with the sub prime scandal . . . Country Wide is one of those banks.

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In a perfect world, you have to have willing buyer and a willing seller. Neither is under duress. home appraiser information Both are in a position to maximize gain and are trying to do this. But in the real world, things are rarely that simple and equally balanced. home appraiser information Which is why people feel differently about the appraisal value of a house.