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9/22/2017 12:11:25 AM
Posted: 6/23/2002 4:48:20 PM EDT
Tomorrow evening my home gets re-appraised for a pending re-finance. Does anyone have any tips that may get me a few more $$ out of it? If I can get $112,000 out of it then I'll be able to drop PMI, and that’s the goal. Thanks!!!
Link Posted: 6/23/2002 4:49:02 PM EDT
Link Posted: 6/23/2002 4:54:37 PM EDT
Originally Posted By ColonelKlink: hide the guns
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My garage is a mini-gunsmith shop w/ammo stacked everywhere. It'd take me all night to hide all that stuff. The gunz are all vaulted up but I've got barrels, ammo, optics and Bragging targets everywhere. Mabey I'll just tell them I lost the key to the garage....
Link Posted: 6/23/2002 4:57:06 PM EDT
Does the guy coming out tomorrow night drink...if he does...its in the bag [beer] either way, good luck [:D]
Link Posted: 6/23/2002 5:19:38 PM EDT
Tactical The Magnificent predicts that your home will appraise for an amount [i]mysteriously[/i] close to whatever the amount is that you are refinancing it for. Am I psychic? No. Appraisals are a scam for justifying loans and have very little to do with a home's actual value. You might guide the appraiser toward some homes which sold for approximately what you are looking for, but they probably already know.
Link Posted: 6/23/2002 5:37:48 PM EDT
Have it looking perfect... Lawn mowed, plants trimmed of dead leaves, clean everything!!! The most important influence will be that you do take pride in your home, and by doing so, are protecting your bankers investment!
Link Posted: 6/24/2002 4:58:14 AM EDT
Originally Posted By TacticalMan: Tactical The Magnificent predicts that your home will appraise for an amount [i]mysteriously[/i] close to whatever the amount is that you are refinancing it for. Am I psychic? No. Appraisals are a scam for justifying loans and have very little to do with a home's actual value. You might guide the appraiser toward some homes which sold for approximately what you are looking for, but they probably already know.
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I agree with this. The appraisers want everyone to be happy, especially the lenders since those are the people who usually hire them. If none of their appraisals ever meet the quota then the lender won't make any money and they'll start using another appraiser. It's all a big scam and everyone involved understands how it works, so basically it's just a formality unless the house getting appraised is really a dump.
Link Posted: 6/24/2002 6:23:32 AM EDT
If you have any vehicles or broken down home appliances on the front lawn, make sure they're washed & waxed [:D]
Link Posted: 6/24/2002 7:56:31 AM EDT
[Last Edit: 6/24/2002 8:02:58 AM EDT by AR_Rifle]
Make a deal with the guy....give him $$$$
Link Posted: 6/24/2002 8:09:15 AM EDT
Ive been appraising commercial properties for 12-years, not residential but the drill is the same. Be nice to the guy, but not overly nice. If you know, tell him what you think the house would reasonably sell for, usually appraisers will not vary significantly from that number. Clean the house thoroughly and have it well organized. Get rid of any odors.... Tell him how much your planning on borrowing But, above all, be honest with the appraiser.
Link Posted: 6/24/2002 8:29:17 AM EDT
Originally Posted By MouseBoy: Ive been appraising commercial properties for 12-years, not residential but the drill is the same. Be nice to the guy, but not overly nice. If you know, tell him what you think the house would reasonably sell for, usually appraisers will not vary significantly from that number. Clean the house thoroughly and have it well organized. Get rid of any odors.... Tell him how much your planning on borrowing But, above all, be honest with the appraiser.
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Thanks for the advice.
Link Posted: 6/24/2002 8:39:33 AM EDT
Originally Posted By TacticalMan: Tactical The Magnificent predicts that your home will appraise for an amount [i]mysteriously[/i] close to whatever the amount is that you are refinancing it for.
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Usually. Unless you're detached from reality and think you live in the Taj Mahal while your immediate neighbors are in duplexes. Funny how people think things like faux-painted walls, marble floors, crystal chandeliers, award-winning rose bushes and sterling silver fixtures will have ANYTHING to do with the appraised value of the house. Real estate appraisals MOSTLY depend on: 1) very recent comparable sales in the neighborhood. 2) see #1 "Comparable" refers to: 1) square footage 2) lot size 3) number of rooms 4) location 5) age of house Lesser items that are considered include pool, fireplace, garage size, view/frontage, etc.
Originally Posted By TacticalMan: Am I psychic? No. Appraisals are a scam for justifying loans and have very little to do with a home's actual value.
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Bzzzt. Wrong. A home's value is determined by sales of recent comps in the neighborhood. The appraised value is determined by sales of recent comps in the neighborhood. Appraisers do have some leeway in choosing comps, but they can't make a $150,000 house appraise for $200,000 if the comps aren't there. It ain't a scam - it's market forces in action.
Originally Posted By TacticalMan: You might guide the appraiser toward some homes which sold for approximately what you are looking for, but they probably already know.
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That could help. Get a list of recent sales of similar sized houses in your immediate neighborhood. The more remote you live, the more difficult it may be to come up with adequate comps. THAT'S where the experience and integrity of the appraiser is most important.
Link Posted: 6/24/2002 8:49:14 AM EDT
Macallan is correct, appraisals are not a scam at all and they serve to protect you more than they hurt you. Yes, appraisers do have some leeway and discretion but not a whole lot because, as mentioned, it is mostly based on comps. If you are refinancing to an FHA loan the appraisal is a lot more involved than a conventional loan, you will do well to have any chipped paint redone, anything obviously broken fixed, though this is a larger concern for sale than refinance. FHA appraisals are really picky, that's why they're also more expensive. And don't ever try and bribe your appraiser, have your loan officer do it [:D] Mike
Link Posted: 6/24/2002 9:12:00 AM EDT
I'm going from a VA (8.00%) to a Conventional 5 year ARM at 5.75 0/0, max of 2 points per year after the first five. PMI is pretty hefty so I'm trying to get the appraisal as high as possible. 80% is when I can drop it, higher the appraisal, sooner I can drop PMI...sooner I can have more play money.
Link Posted: 6/24/2002 10:36:15 AM EDT
Good deal. Definitely drop PMI ASAP. Nothing but throwing money in the garbage can. Mike
Link Posted: 6/24/2002 10:47:32 AM EDT
Link Posted: 6/24/2002 10:48:36 AM EDT
What's PMI..? [}:D] When we refinacned back in January, our market value went from $75k to $117.5k in 3 years... That's a 56% increse over the buying price! Now, when you take the downpayment into consideration, as well as the payments against the principle, we walked away with a really good offset... and paid off all of the credit cards and home improvement loans that were used to "invest" in our property. Since January, a few more homes have sold in our neighborhood, and thus the value has increased a bit more. We were told that with a new furnace and exterior refinishing, to expect upwards of $130k. My personal goal was initially a 50% increase in 5 years, but at this point, I'm praying for 100% in less than 7-10... This should be a very realistic goal for us.
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