Profile picture for lisagrif1

How much equity do i have?

I live in East Orange, Nj. I brought the home this year for 139,200. It appraised for 240,000 n May.

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October 09 2010 - East Orange
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Answers (10)

The current value (what it will sell for today) less your the amount of your loan= you equity!
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November 03 2010
Profile picture for BryanRoberts23CO
Great information here...Thanks!
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October 29 2010
Don't forget that the appraisal is not necessarily the number your will receive from the sale. There will be an asking price, an offer and negotiations which means its tough to determine your "parting" equity until you know exactly how much the offer on it is. 
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October 29 2010
Thanks for your prompt reply. Then you should follow wetdawgs post. Regards,
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October 10 2010
Profile picture for lisagrif1
no. im not selling i just want to know how much equity i have n my home?
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October 10 2010
Lisagrif1, are you selling? Regards,
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October 10 2010
Profile picture for wetdawgs
Your equity is the 240,000 minus what you owe (mortgage(s)) amount - costs of selling.
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October 09 2010
Profile picture for lisagrif1
I brought the foreclosure n may 2010. The whole house was painted n new carpet. 1 room ceramic tile. The mortgage bank got a appraisal of 240,000. I have a copy of the report.
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October 09 2010

When did you buy it? What month?
Did you get the appraisal in May or did the previous owner or listing agent tell you that? Was it bank owned? Did you fix it up?

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October 09 2010
Equity = Current Market Value minus Outstanding Loans.  For true equity you need to calculate any closing cost expenses that you would incur upon selling.
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October 09 2010
 
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