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June Lewis's Advice

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June Lewis wrote:

How do I get an estimate for a property in this area? How can I get an estimate of my own property?

Answer
Realtors can do a CMA  (Comparative Market Analysis). We select properties that compare to your property and give you an opinion of worth.It would be a price range as a result of the analysis.  This is NOT an appraisal.  An appraisal is done by a certified appraiser and is an in depth study and research of the property, of which their is an appraisal fee.A CMA done by a Realtor is a free report.  This is another option  to the estimate done by Zillow.  When obtaining a mortgage, it is mandatory for a bank to order an appraiser before granting a mortgage.  The mortgage is contingent the appraisal.  As far as selling a home an Appraisal could be done by the seller or a CMA by the Realtor....Make sure one or the other is done to determine what your property should be listed for.  Hope this helps
February 22 2010
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Reverse Mortgage

Answer
Hello   I would suggest to contact your lender just to check out what your options are.  It depends where your home is located and what the current market as to any increase value.  Sometimes improvements make your house salable but not necessarily add to the market value.  An appraisal will certainly give you a more accurate  figure as to the value but the bottom line as almost always been that your house is worth what ever someoneis willing to pay for it. Most of the time buyers and inventory determine the market..Hope this helps.
February 22 2010
(0)