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Answers (10)
- Erik Johnson, "UpNorthAgent"
- Contributions:9
You should have a Realtor you like give you an opinon on the price, FMV (Fair market value) is a difficult number based on your area. Certainly areas it is very accurate many areas not. Get a quality realtor with a CRS designation to give you their opinion and options for pulling equity out if possible they will have lender ideas and let you know if you got your self a good value. Good Luck.
- Dunes....
- Contributions:3894
White Rabbit...I can't always just be a Raving Ranting Lunatic, I gotta to tell the truth or be helpful once in awhile ;)
- HomeSand.net, "White Picture"
- Contributions:4392
Thanks Dune.... 8)
- Dunes....
- Contributions:3894
You forgot your site White Picture....
White Picture's Most Excellent tools for Consumers
I do not recommend or refer lightly..check it out please
(And I mean everyone!)
White Picture's Most Excellent tools for Consumers
I do not recommend or refer lightly..check it out please
(And I mean everyone!)
- HomeSand.net, "White Picture"
- Contributions:4392
The realtor.com's estimate is no good, I tried it a few times, it is worst even it is worst than Eppraisal.com, Realtor.com estimates correctly only when the house is recently sold then Realtor just add some number in. ex: $100,500 for the house which is just sold for $100K.
The accuracy of the websites from top down (higher is better).
1st - Zillow.com
2nd - Realestate.com
3rd - None
4th - None
.
.
.
.
9th - Eppraisal.com
10th - Realtor.com
The accuracy of the websites from top down (higher is better).
1st - Zillow.com
2nd - Realestate.com
3rd - None
4th - None
.
.
.
.
9th - Eppraisal.com
10th - Realtor.com
- Dan, "the_country_hick"
- Contributions:4694
It is possible the tax value was done 5 years ago. That could mean that you paid more than the house is worth, just what the house is worth, or less than it is worth.
Prices have fallen yet in many areas the tax value has remained the same (to high).
Prices have fallen yet in many areas the tax value has remained the same (to high).
- Mark Geis, "Eagle River Homes"
- Contributions:16
One of the quickest ways to answer your question would be to go to:
www.realtor.com
and enter your address in the "How much are houses worth now?" box.
You'll get a very detailed and almost perfect Competitive Market Analysis of your home. Since it appears you paid cash for the home, the figure provided would be what your estimated equity is (minus any assessments/liens you may or may not have).
www.realtor.com
and enter your address in the "How much are houses worth now?" box.
You'll get a very detailed and almost perfect Competitive Market Analysis of your home. Since it appears you paid cash for the home, the figure provided would be what your estimated equity is (minus any assessments/liens you may or may not have).
- Darrell Self, "Darrell Self"
- Contributions:349
As the other folks here have stated you have 51k in equity. You should contact a Realtor and get comps to see what the value may be. A bank will do an appraisal and depending on if this is an investment property or your residence the lending rules will be different. Contact a lender also and best wishes!
- Robert Adams, "LVrealestateHELP"
- Contributions:317
Did you get an appraisal? What did your agent say the homes value was? Just because you paid $51k doesn't mean it is worth $51k. Secondly, the assessed value is not necessarily what the home is worth either, that is the amount they will tax you on. If you think your property is worth less than the assessed value you can often contact the assessor and ask for them to reassess your property, which can save you money on the property taxes. You need to find out the real market value of your home.
For example: if your home's real market value is $90k, and your assessed value is $82k, and you paid $51k. Then you would have $39k equity and $51k of your original capital wrapped into the property.
So it sounds like you need to find out the real market value of the home. This is a number you should know before you purchase a property for future reference. I hope this is helpful.
For example: if your home's real market value is $90k, and your assessed value is $82k, and you paid $51k. Then you would have $39k equity and $51k of your original capital wrapped into the property.
So it sounds like you need to find out the real market value of the home. This is a number you should know before you purchase a property for future reference. I hope this is helpful.
- Pasadenan
- Contributions:21453
Your "equity" is $51k. There is no such thing as "instant equity", except your "down payment", which was your money to start with. A home is only worth what a willing buyer will pay and a willing seller agrees to sell it for.
Of course you can borrow against your $52k, at least up to 80% if your credit rating is good and you have income documentation to show you can pay it back. But some lenders don't want to deal with loans of such small amounts. Home equity lines are still available, but often the interest rates are not as good.
Taxed assessed value is "meaningless" for determining "market value" of a home. And most people get appraisals of a property when buying even if not financing it.
You can always post a loan quote request on ZMM using the "mortgage" tab at the top of this page.
Of course you can borrow against your $52k, at least up to 80% if your credit rating is good and you have income documentation to show you can pay it back. But some lenders don't want to deal with loans of such small amounts. Home equity lines are still available, but often the interest rates are not as good.
Taxed assessed value is "meaningless" for determining "market value" of a home. And most people get appraisals of a property when buying even if not financing it.
You can always post a loan quote request on ZMM using the "mortgage" tab at the top of this page.
Do I have instant equity or not?
I paid $51,000 cash, so I don't have a mortgage, but the tax bill I just paid was for $82,000 assessed value. Do I have instant equity or not? The previous owners lost the house in a foreclosure before they finish remodeling. The bathroom upstairs needs to be finished up. Would a bank let me borrow the money to finish up the bathroom, depending on my credit rating?
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