are they saying you dont have the value after doing an in-house review or is your house unusual like a round house, row-house etc or overbuilt for the area?
The value is great its appraised at $65,000 more thn when I purchased it, the house is a “semi earth berm” home. Its unique that its built tthat way (both steel and cinderblock) it can withstand a hurricane, it has a 50 foot high and wide greenhouse Atrium in the center of the home with 7 acres. The house is on land, its own well, fruit trees, water catchment system things people are promoting now in everyway, I can see how its not comparable but hows that justify a turn down?
I had no idea, I would have thought a round house was rather interesting. Its just strange that this is my own mortgage company, Im financed with them they are stuck with me if I refinance or if I dont thats why I just didnt get this at all.
what state? Is this typical for the area? If it is a unique house you have to find a unique buyer if you go into foreclosure and the banks don’t want that. As a matter of fact, in many states, they will not even lend on homes sitting on more than 5 acres for example. Unusual/unique homes are bad. Not for you if you love it but for the bank. Thats why I asked about round houses. They have been toxic for decades. Remember, the only collateral the bank has is your home and they want to sell fast.
I live in South Carolina, its not round but square, not fully earth berm but semi earth berm, its perfect for this area given the huricanes, its practicaly hurricane proof something I would think a buyer would appreciate, in a non flood zone. I had no idea that more then 5 acres was a bad thing, taxes are low here and we purchased the home for $150,000 up north where we come from this house would cost more then a quarter million, land coveted
