Answers (8)
- Deborah Holmes, "Debbie Holmes"
- Contributions:386
The bank will probably require an appraisal. Once in a while you will find a lender who will use tax assessed value. I think that is much less common then it used to be. If you are in the Treasure Valley I can give you a market analysis but that would only be for your benefit. It won't help you with the bank.
- NTETS, "Mr Caveat"
- Contributions:6436
1) appraisal
2) actually sell the home
thats about everything that will get past the underwriters, fortunately an appraisal is only about 300 bucks
2) actually sell the home
thats about everything that will get past the underwriters, fortunately an appraisal is only about 300 bucks
- Jim Paulson, "BoiseREbroker"
- Contributions:376
Realtors are not supposed to do CMA's to help people with refinances, etc. They are only supposed to do them for the purpose of establishing value in anticipation of being able to represent the buyer or seller directly. We can't legally help clients with doing CMA's for protesting your taxes or for refi's.
Only licensed real estate brokers (not just agents) are allowed to do
Broker Price Opinions in Idaho and even then, they need to have a full page of disclosures by the Broker.
Your lender needs to help select the appraiser, since if you pay for one personally, the bank may not honor it!
Only licensed real estate brokers (not just agents) are allowed to do
Broker Price Opinions in Idaho and even then, they need to have a full page of disclosures by the Broker.
Your lender needs to help select the appraiser, since if you pay for one personally, the bank may not honor it!
- Sheri Moritz, "SheriMoritz"
- Contributions:288
You need to contact you bank and most likely when complete the modification package that they have (most likely on their website). Once they get your request/package they will order an appraisal or a BPO (broker price opinion). I perform these all the time for homeowners and banks. If you want to know where you stand before you start a real estate agent can do a CMA. You may want to talk to a good agent anyway to know your option in the even the mortgage company doesn't approve the modification so you are prepared.
- Tom Ashworth, "Hill Country Homes"
- Contributions:216
Just in case you did not know a CMA stands for "Comparable Market Analysis". Realtors do these all the time.
Although an appraisal is the most accurate measure of home value, the CMA gets pretty darn close. Appraisals cost around $500, but the CMA are usually free service that most Realtors offer.
To find out more about CMA in Boise, Idaho click here.
Hope this helps.
Regards, Tom
- sunnyview
- Contributions:26844
If you are looking at a restructure, do yourself a favor and ask a couple local agents for a CMA for your house with current comps. That will give you a much better idea about where you stand and what options you have. An agent might also be able to help you with the restructure as some are familiar with that process.
- Tom Ashworth, "Hill Country Homes"
- Contributions:216
More than likely the bank will require an apraisal, so they will do this when you apply for the loan.
An agent can help most do FREE CMA for clients which will get you close to a value.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
If you want accurate, get an appraisal.
If you want estimated, try Zillow
If you want estimated, try Zillow
How do I find the Fair Market Value of my home?
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