Cambria Sold prices/ and a shout out to USCTrojanCPA

[RBIrvine123]

Hi everyone,

First off I want to give a quick shout out to USCTrojanCPA. I private messaged him some questions about an appraisal that we had done about a week ago that came in at an extremely low value and he got back to me a whole list of the most recent sold comps in the area which I am using to help try and dispute my appraisal. Clearly he's a resource and someone that I think we can obviously all trust. I am genuinely grateful for his help.

That being said, I am hoping to find just a bit more ammo for my dispute. Essentially the story goes like this, I am working on a refi with OC Credit Union. Appraiser comes out to do the appraisal and everything seems fine. I know other people that have recently refied in Cambria recently and have had no issues with value. In order to get the LTV that we need for the loan to work we thought the value had to come in roughly between $640k to $660k (Cambria plan 1). We didn't think this would be an issue until the appraisal came back at $575k. Brutal. Now I am willing to admit that I could be totally off in my assessment of what the local values are like, but I don't think I am that unrealistic.

So my question is, does anyone on here know what the Cambria models went for? I realize that there would be an adjustment for the year-old beer fart laden furniture ($50k from what I heard), and that is fine. I just want to know what the sold price was (Plan 1 if possible) and possibly some of the other Cambria units as well if that information is available.

Thanks for all your help, and thanks again to USCTrojanCPA.

Fight on.

 

[thelandofnoland]

Please contact me athttp://thenewhomeblog.wix.com/the-new-home-blogfor more information on the original post. Thank you.

 

[usctrojancpa]

Happy to help.  See if you can have the appraised value revised.  I think given closed comps (using price/sf) I think the value of your home should be somewhere between $620k to $640k depending on upgrades.  If they don't agree to revise the value higher, I emailed you the contact info to the preferred refi lender of TI.  Keep us posted on what happens.

 

[woodburyowner]

Were the comps/adjustments the appraiser used legitimate?  I had the same problem during my refi.  It looked like the appraiser picked the lowest possible comps for my property.  I appealed and provided higher comps, but since they original ones were legitimate, the appeal was denied.  They generally only accept the appeal if there is negligence and/or invalid data (ie. square footage of a comp was incorrect).    I ended up dumping an additional 20k into my loan to lower to LTV ratio.

Good luck.