We are looking to refinance our home given strong rates.  It would be an FHA loan: 4%; 15 year.  This is our third attempt. We tried last year, but rates provided didn't justify doing it.

My questions relate to concerns over Refinance.  In March 2009, our two appraisals were $270,000 and $285,000.00.  If we get either of these again now, the mortgage will go forward and close. 

1. Can I hand the new appraiser the previous appraisals? 

2. There is a short sale on the market for a similar sized home.  The MLS flat-out says it is a short sale.  How do I go about discussing this with appraise? Can this short sale become part of the comparisons?

3.  Recent sales in our area listed on the county property appraiser website do not include square footage on new construction.  In other words, the sale price and heated/cooled sf is listed on existing home sales, but on new construction only the sales price appears.  I know these are better comps because the house across the street from us just sold last month for over $100 per square foot, and many new construction projects are currently listed (off of the MLS) for $100 a square foot.  How do I get appraiser to consider these types of sales if they don't show up on MLS or the county property appraiser website?

4. Any other ideas on what I can do myself, or say to appraiser, to maximize value of home so we can do this once and for all?

Nick Ortiz:

Can I hand the new appraiser the previous appraisals? 

Sure you can hand the appraisals to the appraiser but the comps used a year ago will have no relevance today. You might be better off just telling the appraiser that you had two appraisals done last year and what they came in at. Ask him is he thinks that values are about the same today in the market place as they were a year ago. That will give you a general idea of how he views the market in your area.

Nick Ortiz:

There is a short sale on the market for a similar sized home.  The MLS flat-out says it is a short sale.  How do I go about discussing this with appraise? Can this short sale become part of the comparisons?

The appraiser is going to use sold properties for comparison purposes not on the market or pending sale properties.

The appraiser will have data on comps that are generally not available to you as he should be keeping up with sold properties on the MLS as well as sales that take place by owner. He is going to be using sold properties within 1 mile, if they are available.