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[quote=Anonymous]Our appraisal - at the $1.0-1.5m property value - was awful. There were "not enough data points the last six months in our neighborhood" so the guy went out 12 months and a few miles this way and that (i.e. across 4 lane highways and to other school districts). We could refi (which was 60% LTV anyhow), but I don't know how anyone would successfully sell a property with that extremely low appraisal. Something was definitely wrong, the comps made no sense (were 10-30 years older homes, no remodeled kitchens, fire sales, no homes newer than ours for some reason, implied values lower versus homes that are routinely assessed LOWER than ours, etc.). The government and regulations really have the banks in a corner. [/quote]
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