Profile picture for user9537757

Want to refinance my home to get out of the MIP but I'm not sure if I will get the appraised value

I bought by home when the market was down 3 years ago and at closing the appraisal came in much higher then the purchase price. Since then home prices have steadily risen in my area. But, for some reason my home purchase isn't reflected in ZILLOW. I have requested that they include the new purchase without any luck from the website. I want to refinance but don't want to pay for an appraisal that doesn't yield the value I'm looking for. 
  • December 13 2013 - Wheaton
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Answers (14)

Profile picture for gator70
Ask a Realtor for broker price opinion, a BPO. 
  • December 15 2013
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Profile picture for PaulMcCausland
I agree with the posts regarding getting a CMA from a Realtor as well as not needing 20% equity. There are other things to consider than just the value. I am local to you & can get a CMA for you, but would also like to discuss the other requirements. Looking at only one piece of the puzzle is not the best way to make a decision. Please contact me when you get a minute.
I'm here to help,
Paul
  • December 15 2013
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There are ways to restructure the pmi you are paying through a refinance transaction if you don't get the value you need to eliminate it all together. It's called a single premium mortgage insurance product which allows you to finance the pmi risk on a 1 time basis into your loan which eliminates a monthly pmi payment. THIs is possible with as little as 5% equity. Please contact me with any questions.
  • December 14 2013
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Refer to the Zillow link regarding how the data is collected and calculated. It's all automated, just like any other value estimate website. http://www.zillow.com/wikipages/What-is-a-Zestimate/

You can ask a local realtor to do a CMA, which may give you a better estimate, but no other tool will replace an actual appraisal.
  • December 14 2013
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Profile picture for JoshBarnettREIB
Ask three different Realtor Members to provide you with a CMA.  Average the CMAs and this will give you a great indicator of where your appraisal will come in at, best of luck.  
  • December 13 2013
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See if you can get an agent in your area to run a CMA for you and help you determine a tentative value for your house. Agents usually do those for free.
  • December 13 2013
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I would recommend you look at a viable back up solution and go into the transaction happy with either one. Lets say it doesnt appraise high enough to eliminate MI with one loan, but it can be acheived by putting some of the balance into a low rate second mortgage. Ultimatelty the goal would be an appraised value that can get you into one loan, but knowing it can still be a benefit under "plan b" could still put you in a better situation. Feel free to contact me if I can help.
  • December 13 2013
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It is very common for people to refinance to avoid MIP. The thing to realize is that a Zillow estimate is not equivalent to an appraised value. Either way, the best thing for you to do is to speak with a lender directly to see if you can get started on refinancing or to figure out which route is best for you to take. There are lenders like myself that would be glad to speak with you to help you get the loan that you need. Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!
  • December 13 2013
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Use another real estate value site like trulia.com

You can also look on Zillow.com for similar size/quality and age of houses similar to yours that have sold in the last 4-5 months in your neighborhood or with 1 mile of your house.  The price per square foot is shown in the list of these houses and then you can extrapolate the value of your home!

Or call your realtor and get 3 comparables that have sold recently.

Or post the address on this forum and get a few educated guesses from us lenders.  Then whoever is closest to the mark - you can take out to dinner! :)

Happy Holidays
  • December 13 2013
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Call a local Realtor and ask for him/her for the most recent sales in your neighborhood for similiar properties.
  • December 13 2013
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There are ways to do Internal Desk reviews with Appraisal Management firms that evalaute your propety based on recent sales and listed properties.  The process takes about 48 hours.  Let me know if you are interested.
  • December 13 2013
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Zillow gives an estimate, but is no way a replacement for a full appraisal. Unfortunately, the only way to know for sure is to pay for the appraisal. Good luck!
  • December 13 2013
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Email John from his profile page:

http://www.zillow.com/profile/John-Paunan/
  • December 13 2013
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Profile picture for daveskow
dont rely on the zillow estimate to  make a decsion ...take a look at the data  ( recent similar sales in your vicinity ) and  you should be able to formulate  if its worth  proceeding  with a refinance and an appraisal ....
you might  also ask a local real estate professional for a  value opinion on the house
  • December 13 2013
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