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I am currently working with a mortgage co. who owns the first deed of trust to a home that I purchased the second on by mistake.

South Lake Tahoe, CA |

In Nov. 08 I had an appraisal done on this property it came in at 215,000. There co. did one in Dec. 08 it came in according to them at 280,000. Last week, April 09, they did another appraisal and are now asking 318,000 for the same house. The market has only gone down since the last appraisals. Would it benefit me to have my own appraisal done again? Or would it be a waste of money since obviously the co. is upside down on this house Can i negotiate with a new appraisal or is it entirely up the the mortgage co?.

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Attorney answers 1


It depends. If you want to keep the property then its worthwhile to do what you can to get the balance lowered. Real estate markets are different from month to month and year to year so I wouldn't be too sure that any of the appraisers was wrong. However, you do show a large discrepancy from your appraisal to the bank's. Appraisers can justify their conclusions many different ways. You might get some feedback from your appraiser and learn how that person views the newer figures. If he gave you an intentionally low figure, you might not have a reasonable expectation of what to expect from the lender.

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