Learn. Share. Connect. (52,310 Members)  - Join

Site Tools

Join Now or Sign In
for Full Access to All Features

Local Professionals
(Change Your Location)

Please add 4 and 3 and type the answer here:
Mortgage Rates
30 Yr FRM 4.83% -0.08%
15 Yr FRM 4.32% -0.04%
1 Yr ARM 4.35% -0.11%
5/1 Yr ARM 4.25% -0.04%
30 YR Tres 4.29% 0.00%
Fed Prime 3.25% 0.00%
Q: I want to refinance my home and the appraisal came low can I get another appraisal form another bank?
  • Yes you can. An appraisal is not absolute, and is not tied to your property as the only appraisal and appraised value available. That being said, you may find that in the current market your property value may have decreased and you may run into similar problems with other appraisals as well.

    As far as your original question, even though the appraisal was done on your home, and you may have paid for it, the bank is the appraiser's client, not you. That means that the appraisal is the bank's property, and another bank would want to get their own appraisal from their own approved appraiser. If you were to go to a new lender or broker you would get a new appraisal done, although you may still have a value issue.



    Another possible option, that may be easier would be this:

    Ask your loan officer for a copy of the appraisal and tell them you want to challenge the value of the appraisal. If it was a weak appraisal that resulted in the lower value you can try to find better comparable sales that can be presented to the appraiser and the bank to substantiate a higher value. You should be able to do this by contacting another appraiser yourself or a Realtor. They should be able to research comparable sales to tell you if there are more similar sales than what are included on your initial appraisal. If you can, you may be able to get the original appraiser to reconsider the valuation, and have a chance at resurrecting your refinance.


    Answer Submitted on Mon, Mar 23 2009

    Rate this Answer:
    Answer Contributed by: Antonio Cibella
    Antonio F. Cibella
    Fearon Financial
    Mortgage Banker specializing in jumbo lending and FHA lending
    E: antonio@themortgageloanblog.com
Submit Answer
This page has been accessed 1,356 times
Have more questions?  Visit our Consumer Forums and discuss your questions with our network of industry professionals.

Important Disclaimer: Questions and answers provided on the Mortgage News Daily Wiki are general information, and are not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice. Mortgage News Daily does not endorse, and expressly disclaims liability for any product, service or service provider mentioned or any opinion expressed in these questions and answers. Please read carefully the Mortgage News Daily Wiki Disclaimer.