Profile picture for Luravi

Trying to refinance

Trying to refinance my 2/2 on the 6 floor of The Plaza Midtown(44 Peachtree Place). Zillow's estimate is 300K. How accurate is this estimate? I have to pay $400 application fee but if the appraisal is lower than $280K I can't refinance and I lose my $400. Can anyone help?
  • March 25 2009 - Midtown
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Answers (10)

I think condo's in Midtown are holding value pretty well. Are you already with a lender that is charging you $400 application fee?
  • March 25 2009
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Profile picture for Ken Kopper
Clay, how are you doing? Good to run into you. Thanks for taking such good care of my Aunt Bertha in Marietta, she can't can't stop talking how about how impressed she was with you.
  • March 25 2009
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Profile picture for Luravi

Yes, Clay.  I have a mortgage of 223K, therefore the appraisal needs to come to no less that approx. 280K in order not to pay that, I believe, mortgage insurance that is mandatory if you owe more than 80%.  The company that has my original mortgage charges $400 application fee but I won't know my appraisal until after the fact, and I would hate to lose the money.  Thanks for any advice you have.

  • March 26 2009
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Profile picture for jrreeve
Didn't I also see something from Fannie Mae clamping down on Condo owners?  I believe that the LTV now has to be 25% or they tack on an additional .25% to the interest rate. 

In theory, if you put 20% down on your condo and were trying to refinance, then your condo would actually have to appreciate 5% to avoid a .25% rate adjustment.
  • March 26 2009
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Profile picture for Luravi
Thanks jrreeve.  That is a good point! I'll check on it.  I still don't know how to figure what the approximate value of the condo is without getting an apprailsal on my own.
  • March 26 2009
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The Plaza had two, 2-bedroom condos sell in the last 12 months for an average sales price of $298,750.  I don't know exactly how they relate to your condo, but any appraiser is going to look at those two comps first as far as determining the value of your home, so it's likely your condo will appraise for more than $280,000.

If you look at the 12 months before that, there were six, 2-bedroom condos that sold at The Plaza for an average of $376,650.  No appraiser will go beyond 12 months for comps, especially in this condo market, but it's interesting to see the average values on a year-to-year basis.

In all of Area 23 (which is your Midtown area), there are currently 260, 2/2, condos on the market in the $250,000 - $500,000 range.  In the last 12 months, 140 sold using those parameters.  So you have about 22 months of inventory in your group - which is really not that bad under the circumstances.

  • March 27 2009
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Adding a caveat to my previous post, I'm assuming the 2 bedrooms at The Plaza all have similar floor plans.
  • March 27 2009
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Profile picture for Chris Corica
lorac - Work with Clay. He gives excellent advice and is one of the good guys on zillow. Im sure if he cant help he could at least point you in the right direction. I wouldnt let the $400 influence my decision. In the big picture with your loan, that is easily recouped.
  • March 27 2009
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Profile picture for Luravi

Erika,

Thanks so much for your reply.  Your numbers give me a much better idea of the value of my condo.  There are basically two bedroom models; one is 100 square feet bigger than the other.  Mine is the smaller one of the two.

I appreciate your information and I'll keep you name on file.  This is my second home where my daughters reside while they attend GT.  But after they finish I'm not sure whether I'll keep it or sell it.  The reason I'm trying to refinance it is because I have an interest only mortgage and it will be nice to refinance while the interest are down.

  • March 27 2009
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If you would like, you can call or email me and I'll send you a link for the two most recent comps.
  • March 27 2009
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