Q: We are trying to refinance our home and we think the appraisal value is too low. How can I tell?
A: While the Internet provides a lot of information at your fingertips, being objective about the value of your home is difficult because you are so close to it. You might ask the local real estate agent you have worked with in the past to look at the sales used by the bank appraiser to see if they are appropriate. Have a conversation with them about homes you both think are most similar and why they sold for more or less than what you think your home is worth. Second opinions are often very insightful. You might even consider getting your own appraisal but remember that the bank can’t rely on that report. In today’s market, banks rarely disagree with their appraiser’s results. If you are confident there has been an error that you can’t get corrected, you might consider going to another bank.