fan_from_texas;449279 wrote:Because of the low rates, we considered refinancing. We had an appraisal done that appeared too low, so we had our house reappraised. Two appraisals done within a month of each other differed by approximately $75,000. We attempted to challenge the first (lower) appraisal, but we were told that we're basically stuck with it. The city appraised our property for tax purposes and came in line with the second appraisal. So we can't refi based on the low appraisal, but we have to pay taxes based on the high appraisal. Neither side is willing to budge, and we're stuck in the middle. Any ideas on what we could do? We pulled comps, wrote letters, demonstrated various flaws, but neither side was willing to listen. Any ideas?
FFT,
The two sides should not have access to each others' appraisal. Meaning, your property tax assessment should not affect your ability to refinance and vice versa as they are generated and owned by two separate entities.
However, the tax assessment the one you're going to have a harder time changing so my advice is to leave that alone. My company does many appraisals for tax purposes, but the appeal process is MUCH different in Ohio just based on a quick on-line scan of the Wisconsin appeal process.
The bank appraisal, on the other hand is only meaningful to the bank at which you attempted the refi. A new refi application at a different lender will get you a new appraisal. New federal rules now prohibit banks from ordering multiple appraisals on a property. This is due to the practice of lenders/originators in the past ordering and reordering appraisals until they got one with a high value. It's part of the new HVCC guidelines brought on by recent legislation. HVCC being Home Valuation Code of Conduct. That's likely why you're getting nowhere. On the surface, it could appear that lender was attempting to skirt the rules even though it may not have been a competent appraisal.
