Comments on: Why are home appraisals different when they are for refinancing purposes?

By: Jim D

Jim D — Mon, 01 Feb 2010 16:59:59 +0000

If its the bank's policy to disregard accessory buildings, then the bank has a flawed policy. The value of the property should include all improvements on the property. The bank likely considers that the lifespan of the accessory building is relatively short; meaning that the outbuilding will lose its value faster than your principal will decrease. However, the market value of your property is the land value + depreciated value of ALL improvements.
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By: t-bone

t-bone — Mon, 01 Feb 2010 16:12:59 +0000

always deal with banks that will be fair with you,
even though you are with this Bank you can shop around and get a second opinion and if i were you i would look for a bank that was willing to carry your mortgage with the increase you wished along with it, something like a line of credit against the real value of the house.
in most cases the bank you choose will pay for the property transfers and much of the legal stuff, the Banks forget you are the person that has been making payments and that those payments can be made to another money lender, it all up to you not the Banks.
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By: Insurance Biz CT

Insurance Biz CT — Mon, 01 Feb 2010 15:26:59 +0000

There is a difference in the definition of value in sales value and finance value. The bank sets the criteria in sales value. If they say there is no value to outbuildings, they must have some reason for that. I have a very large garage on my property and would hate to see a bank say it has no value. They obviously establish the rules for their benefit, not yours.
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