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How to estimate appraisal of residence for refinancing

  • October 27 2010 - Lower Moreland Township
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Answers (8)

Profile picture for sunnyview
Your post reads a lot like an advertisement. I'm not sure that is what this person hoped for when they asked the question.

I like to look at the year that a question was posted to see if the person still needs an answer. Since this was posted a year ago, I would probably guess that they had the answer by now. 
  • October 19 2011
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Pubadj7, unlike many loan officers I research my clients house value by researching comps, emailing to my clients, then discussing with them so we can BOTH try to determine the house value BEFORE I collect an application fee.  That is the first step when deciding whether or not a refinance will make sense to you.  I have had tremendous results compared to many of my comrades in the business simply by making the extra effort PRIOR to them applying for a refinance with me. 
  • October 19 2011
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From my highly scientific study of working with sellers in the past year:

1. Write down what you think the value of your home is.
2. Subtract 20%...
3. Take a deep breath.
4. And drink it in...because that's the value of your home (to an appraiser).
5. Sorry...same thing happened to me too.

:-)
  • October 28 2010
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Well we are on zillow.....

Obviously you are concerned with value. A few questions for you then: what product do you currently have?  Fannie Mae loan? Freddie Mac? FHA?  What did zillow say it's worth?  What do you owe? 

There are programs available that can assist you in obtaining a great rate even though your loan to value maybe high. 

Joe Gonzalez
Senior Mortgage Consultant
Colonial Mortgage Service Company of America - NMLS #126036

418 Stump Road, Suite 1 | Montgomeryville, PA 18936 | t: [contact removed by moderator] [link removed by moderator]

Find Me on the Web:

 

If your rate doesn't begin with a 4 give me a call so you can save!

  • October 28 2010
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I always think that speaking with a knowledgable realtor who specializes in your area is the best way to get a good sense of the value of your home before ordering an appraisal.  At the end of the day, however, the only number that matters is what the appraisal report shows.

Start with a realtor in your area and go from there.  Good luck!
  • October 27 2010
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Comparative sales are OKonly if you've not made any major improvements in your home.  It's better than nothing, but an appraiser learns the differences in your home (remodeled the kitchen?) and accounts for that in comparing your home to others. 

If you're serious about a Refi, talk with a couple of lenders about your needs and, unless more than one tells you it won't fly, then be ready to pay for an appraisal as part of the cost of getting your new loan. 
  • October 27 2010
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Great question, and very common.  Unfortunately there won't be any real accurate source of estimating your value, but here are a few ideas. 

Ask a local Realtor or loan agent (such as any agent at Bay Lending Company) if they can pull a property profile.  It will outline details on your property as well as list recent comps.

Use free websites such as Zillow to show you a price range.

For more information, feel free to contact us here at Bay Lending Company.  




  • October 27 2010
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I have been going to the specific county tax assesment.  Then I would go on here and click the "solds" only for the specific ares, then go to a decent realestate website and click just the "solds".  I then take the average to get the value. 
Since the great HVCC this is the only way that we have been close to getting value. 
The other thing that I have done is call a realtor and have them do comps for me and use the lower of the range they give me.

Hope this helps.
  • October 27 2010
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