Shoud I appeal as Lender's Appraisal value is 40K less than County/Property tax Appraisal value
Hi Friends,
I was trying a REFI and went with CITI Mortgage and the Appraisal value came as $630K. During the same month local county did our home Appraisal and it came out as $710K. I tried several lender prior to CITI but all the lenders gave an ESTIMATE Appraisal value of less than $630K.
Per my request to reasses the apprisal the county sent a mail saying that the NEW Appraisal value is $670K and I was given 60 days to APPEAL in case if I don't agree with county's latest value of our home.
After we brought our home in 2006 we spent around $30K for entire home COPPER re piping,2 baths remodel and hard wood floor upgrade etc
CITI appraiser mentioned the above upgrades in our Appraisal report also. I've a copy of the Appraisal report.
But I'm sure county is not aware of the upgrade as its not required to inform any upgrades to them.
I'm in dilemma whether to APPEAL or keep quite with the latest county apprised value.
I've below questions
1.What do you suggest/recommend?
2.Should I take any attorney help OR should I take it on my own?
3.What are the DOs and DONT etc
4. Any other suggestios?
Thanks in advance for your help and time.
J