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how do i know my home real value

I need to do a home loan modification and it is very important to find out my home actual value.
does anybody know where to go and find out?
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April 17 2010 - Hollywood
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Answers (5)

Best Answer
The best and more reliable way to dertermin value in this market, is by the latest solds, or comps in your area. utilizing similar features, and size, including similiar areas of your comunity. A Lender, or bank will utilize some of these features to determine actual value to give someone a Loan. The latest closed in lot of cases dertermine the new value, of cours taking into consideration, age etc... 
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April 17 2010
Contact local agent, compare to sold homes.
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October 08 2010
You can always have a Realtor complete a CMA to get an idea of the value. 

However you may want to have an appraisal done to determine true value.
If you are doing a loan modification, the lender works with certain appraisers. 

Have the lender order the appraisal so you are not paying multiple companies.
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September 25 2010
Struggling to make mortgage payments while weighing the options (i.e., allow the home to be foreclosed, try to negotiate with the lender, list the home for sale, etc.) is stressful and confusing for any homeowner.

First things first. You do not need to know the "value" of your home to do a loan modification. The primary criteria in determining qualification for a loan modification is the borrower's ability to make the new modified payment now and in the future.

There are 1,600,000 results on Google for the search "loan modification" and there is a lot of bad information out there. In addition, there are many companies offering to "help," most of which would like to collect some fees first. I recommend speaking with your lender directly and researching the process using trustworthy sources, such the HUD website.

If the source of your information is a company selling services, proceed with caution. There are some honest folks out there helping homeowners through this difficult process. I am simply suggesting you do your own research and take responsibility for managing the process.

According to HUD, a "loan modification" is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.

This is determined by the lender reviewing income, and a detailed financial statement including income and expenses provided and prepared by you, the borrower. The lender will review income and expenses to demonstrate that if granted the modification, you will be able to afford the new, lower payment.  You must also be able to demonstrate that you are facing a financial hardship as a result of lower income or higher expenses, for example.
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September 24 2010
There are two ways to determine the value of a home.

A local Realtor can give you a Free BPO - Broker Price Opinion.

Or you can pay an appraiser between $350 and $450 for a full appraisal.

Contact me if you need a referral to a good Realtor in your area.  I am associated with several that work in the Hollywood area and are familiar with Loan Mods.

Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® Lic #00476662
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April 17 2010
 
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