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JDubs
different, not less
Member since 7/09 13160 total posts
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home appraisal & the market question
How likely do you think a house could appraise for near the same amount that it did 2 years ago? i am trying to refinance but would need to come in with an appraisal with no more than 10k less than it appraised for when we got the mortgage in 2010 in order to avoid PMI fees. We did do some work to it (new siding, fence, new bathroom) but not sure if they take that into consideration (or if its just square footage). I am scared to run the application, go through the appraisal, then find out that its too low, and be out $400. TIA!
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Posted 2/14/12 11:39 AM  |
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Prudential Douglas Elliman Real Estate
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DumpsterBaby
My compass when I'm lost
Member since 5/11 2210 total posts
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My anchor when I get tossed
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Re: home appraisal & the market question
In my completely uneducated opinion, I'm not sure it would. Prices now are very different from who years ago, especially depending on what you paid for it.
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| Posted 2/14/12 11:50 AM |
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Re: home appraisal & the market question
there are too many factors for me to make an educated assumption
however I can tell you- prices haven't gone up in general
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| Posted 2/14/12 12:14 PM |
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Re: home appraisal & the market question
You could ask a realtor to pull together comps for you (basically, come up with a broker's price opinion) to get a sense of whether the appraisal is likely to come in where you need it to be. Most realtors will do this work as a complimentary service with the goal of creating a relationship that will lead to future business (referrals, etc.).
Appraisals are somewhat subjective, too, so there's no guarantee of how it will come out. However, I did help someone on this site who was trying to refinance. Her appraisal came in too low, but she felt the appraiser didn't use the best comps. I pulled additional comps for her that she submitted to the bank, and she wound up being able to refinance after all.
Feel free to FM me to further discuss your situation. I'd be happy to help!
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| Posted 2/14/12 12:55 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: home appraisal & the market question
Posted by Century 21 Dallow - Christine Braun
You could ask a realtor to pull together comps for you (basically, come up with a broker's price opinion) to get a sense of whether the appraisal is likely to come in where you need it to be. Most realtors will do this work as a complimentary service with the goal of creating a relationship that will lead to future business (referrals, etc.).
Appraisals are somewhat subjective, too, so there's no guarantee of how it will come out. However, I did help someone on this site who was trying to refinance. Her appraisal came in too low, but she felt the appraiser didn't use the best comps. I pulled additional comps for her that she submitted to the bank, and she wound up being able to refinance after all.
Feel free to FM me to further discuss your situation. I'd be happy to help!
Thanks!!  I'm just a nervous nelly about this entire process!
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| Posted 2/14/12 1:11 PM |
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Sherwood
LIF Adult
Member since 8/08 1643 total posts
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Re: home appraisal & the market question
We refinanced 2 years ago, and just did it again. I was very worried that the appraisal wouldnt come in where we needed to be, but I was very surprised that it appraised almost exactly the same as it did 2 years ago. Granted we have done some work, and I'm sure that every situation is different and the market has definitely changed since then, but that was my experience.
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| Posted 2/14/12 4:16 PM |
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