Need house to appraise for $15k more???

I did some math, I could be wrong, but I'll just go with it anyway. We need to find a way to make my house worth $15K more to pay off the 2nd mortgage. I think we might be able to pay the 1st $15K with what we've paid on the house already, and with the fence we put up and with only the property going up $5K just from it being 2 years. I'm sure I'm off, but whatever. Oh... it's a 30K loan.

What can we do in a very inexpensive way that we could get that kind of money from the house??? Up on LI that would be easy, but here it's like pulling teeth. Any ideas??? Thanks so much!!!

Re: Need house to appraise for $15k more???

I don't know what you have in your house already but here are a few ideas I can think of:

-tile in the kitchen
-new coat of paint
-new carpets
-deck
-granite in the kitchen (although that can get $$)
-landscaping
-new light fixtures

Really anything that would make it look newer and clean. You should watch Flip That House on HGTV. They always have really good ideas. Good luck!!

Re: Need house to appraise for $15k more???

I'm confused at what your goal is. How exactly would the higher appraisal help you?

Re: Need house to appraise for $15k more???

was it a drive by appraisal? if so, there is not a lot you can do - the appraisals are based on comps in the area

Re: Need house to appraise for $15k more???

i am confused as well

Re: Need house to appraise for $15k more???

What we need to do is upgrade the house to make it worth more money because we have a 2nd mortgage we need to pay off before we can sell the house. So in order for the house to be worth more we need to do things to it. We have a $30K 2nd mortgage and can probably get $15K more without the upgrades inside right now, just by going by what we've already paid on the 1st and 2nd mortgage, the fence we've put up, and a small increase in the property value. So that would leave us with around $15k more we need to come up with. We don't have that kind of money so if we were able to "upgrade" the house so we were able to ask more for it because of upgrades it would help.

We haven't had the house appraised since we bought the house 2 years ago. So we don't technically know what the house is worth. I'm only going by about $5K more than what we paid for as an increase in the property without using anything else.

I was just looking for ideas to upgrade that isn't expensive! Thanks!

Re: Need house to appraise for $15k more???

before you do anything- I would call a local realtor and have them come over and tell you what they think they can sell the house for

that's the first step- then I am sure they can tell you what needs to be fixed

I just don't want to see you spend money on the wrong things or spend money that you wont get back

Re: Need house to appraise for $15k more???

Melissa - putting more money into your house when you already owe more than its worth isn't a good idea.

How will refinancing help you at this point? You'll be paying MORE $$ in closing costs, and then owing even more on the house.

Upgrades may not change your appraisal at all. The value of your house is driven more by comparable sales in the area. What are similar houses selling for?

Paint and tile won't cut it. The kind of upgrades that may help are big money - new appliances, granite kitchens, roof & siding, new baths, finished basements, central air, etc.

This is how you got into this situation with the 115% loan. I'd hate to see you keep digging deeper into this hole. It may be a temporary fix, but then what?

Re: Need house to appraise for $15k more???

you need to either have the house reappraised or bring in a realtor to tell you how much you can sell your house for before putting more $ into it

Re: Need house to appraise for $15k more???

i've been told that doing work to the kitchen is one of the best ways to bring up the value of your home.

Re: Need house to appraise for $15k more???

Re: Need house to appraise for $15k more???

Maybe I am missing something but it doesnt matter what your house appraises for, it matters what someone will PAY for it. You need to cover the mortgages when you sell it - that is the goal right? Before you do ANYTHING, contact a realtor in your area and ask them what they would list it at and what you could reasonably expect to get for it.

Re: Need house to appraise for $15k more???

Re: Need house to appraise for $15k more???

Posted by CaidensMommy



I thought the house has to appraise for what I want to sell it for because the potential buyer can only get a mortgage for what the house is worth, no??? I could be wrong?

Re: Need house to appraise for $15k more???

Posted by Beth1210

Posted by CaidensMommy



I thought the house has to appraise for what I want to sell it for because the potential buyer can only get a mortgage for what the house is worth, no??? I could be wrong?

that's true- but the gap has to be larger then a few thousand dollars

you wouldn't be able to a $500K mortage for a house that appraises for $400K

call a local realtor- they can help you so much more then we can!