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Is there anyway to get a strong valuation of your home without actually buying an appraisal?

Profile picture for VGPats
I'm looking to refinance but need to get a certain amount on the appraisal.  I don't want to pay for an appraisal if the valuation turns out to be too low.  I've been waiting patiently for the market to rebound.  I borrowed $ to do an addition and I'd like to roll everything into one loan but the market tanked. 
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November 03 - Franklin
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Profile picture for shapiroamg
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If you have a local realtor contact, check with him/her for an opinion. This might give you somewhat of an idea. But until an appraiser goes out and does the work, you have no way of knowing.

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November 03
Profile picture for 203K Specialist
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Rudi,

No guarantee that will be of any value in Massachusetts.  Appraisals are an opinion of value and the only opinion that really matters is that of the appraiser that gets assigned the appraisal.

You can do what you suggest and have a different opinion than the appraiser...It really stinks for consumers. 

If arriving at a value was as simple as pulling comps AVM's would have replaced appraisals!
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November 03
Profile picture for CA UMB
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Since January 2009

Find a broker that subscribes and is proficient with the functionalities of DataQuick or RealtyTrac. They'll pull comps for recent sales and then your MLS for recent listings. With this information you can decide whether to move forward or not.

If you just want to see what properties are going for in your neighborhood this is an excellent source www.listingbook.com

If you go forward, your broker will have the resource on hand to challange an undervalued appraisal. .... Good luck, Rudi
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November 03
Profile picture for 203K Specialist
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Since January 2009

agentblu15,

Your suggestion to someone looking to get a value without actually buying an appraisal is to buy 2 appraisals....
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November 03
Profile picture for agentblu15
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Since July 2009

your best bet is to go ahead and let your lender order an appraial--  Assuming your home is in good condition, ask them to have a FULL appraisal done if possible (interior and exterior).

Then, if you get the appraisal back and it seems off, you CAN order a second appraisal on your own from a different appraiser.  While the lender won't accept this in place of the one they had done, if it comes back with a significantly different value, you can use it to dispute the original report and file an adendum request through your lender, so you'll at least have some solid support for your claim.

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November 03
Profile picture for Colorado Mtg Broker
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Short answer..NO.  And to be honest with you even doing a CMA through a realtor is not going to be accurate, not by a long shot.  And even if you pay for an independant appraisal to be done, you won't be able to use it and there is no telling what would happen with another appraisal.

I literally had 1 deal, 3 appraisals done on it (long story, very very long story), but the appraisals were done within 4 weeks of each other and the values varied from $260,000 to $350,000 and finally $380,000.  Yep the HVCC program is a great thing! LOL...
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November 03
Profile picture for 203K Specialist
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Since January 2009

You have Andrew Cuomo to thank for the fact that no there is no way to get a good handle on what the valuation will be.  The only way to have any confidence would be to talk to the appraiser that would be doing the appraisal to see if a value is realistic or not. 

As a result of HVCC your loan officer and lender are no longer allowed to have that conversation.  The net result is appraisals that have no shot of working get ordered and paid for!
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November 03
 

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