It Didn't Appraise... :(

Well, well... our house didn't appraise high enough to make the 2.875% interest (15 year fixed) desired refinance possible.

:(

Last year's appraisal (before we bought it for a bit less than that): 236K, this year's: 207K.
K thinks sounds horribly unreasonable -- did our house really depreciate 12 in only one year%? That feels awful, though I know it's nothing, really, compared to all the people totally "underwater" in their loans and people having to foreclose. We are very lucky, I know that!

The appraiser is not from our immediate area (differently from the guy who appraised it last year) and the three comps he chose weren't favorable, obviously. The problem is that houses are not selling at all in our small town and the one that sold across the street sold for less.

Our realtor just sent us a bunch of comparisons that are much better (however, they have more acreage and are in different zones). We can still write a letter to the underwriter and submit these other comps, but I don't know if that would help.

Oh well... at least we tried!

(I hope that's not a bad omen or beginning of a string of undesired bad news. It doesn't make me feel very good about submitting my job application tonight. Sigh...)

And welcome back to the speedy roller-coaster ride that is our (my) life!