Hey guys!

Alrighty heres the deal I need some appraisal assistance with the house here. I bought the house in 06 with 95G. I talked to a local, and very prominate real estate agency who said they would have no problems listing my home for 125K even at this time.

The upgrades ive did to my home include new windows, doors fully insulated double pane. Redid the kitchen although I did not remove the old cabinets I sanded them down and painted them over, threw in a stainless steel oven and wood floors. My neighbor liked to on herself when she saw the finished product. 2 1/2 ton central heat/ac system. And a make over on one of the bathrooms.

Okay so now, being that she told me she would list my home for me at 125k and that was with some of my projects not quite being finished IE landscaping, exterior painting. She said she would go up on the price with all that being done.

At this point I would love to stay in the house for another lets say 5 or 6 years, but the last 4 with my wifes college and how do you say a failling economy around here has put a dent in our small loan/ credit card life. With that being stated I would love to tap into the equity I may have in my home. To be exact with the current rates being so low, I could refi the house for 110k and have enough cash to fully enjoy the beneifit of being debt free and also finish all the loose ends to the house here. Only problem is now I can't seem to find a appraiser that thinks the same way as the internet and real estate agent.

Ditechs instant appraiser online gave me around 99k and that was on the high side, I nearly killed over! The other route would involve me going and hiring an appraiser to come and give a specialized quote to send to the other company for a 3.75. Now if I had a buddy or cousin who was an appraiser im sure that a nice $100 extra would be worth him putting down 125k on a appraisal but I don't have that option.

So... what do I need to do to get my house to appraise for what I need it for, an internet source tracks my house from 120-140k depending on market. What is the key things the appraiser is going to look for. I would so much enjoy going this route for it would be life changing at this time.

Thanks guys

 

Fact of the matter is that your house probably isn't worth what the real estate agent and the internet sites say it is. Truth be told, I was in the same boat 6 months ago. I bought my first house in 04 and then took out a second mortgage for upgrades. I dumped about 20K into it (new windows, remodeled 2 bathrroms and a kitchen, etc...) I bought it for $166K at the time plus the extra $20K I dupmed into it = $186K is what I owed between the two mortages.

My father passed away in Oct. and being the oldest, I know had his house to contend with. I contemplated listing my house and moving into his because there was too much equity in it to give it back to the bank. I checked out Zillow and a few other sites, all said my house was in the $200K price range even in this chitty market. I met with an agent and she said that I could list it for $166 based on other comps in the area. Factor in negotiating, the real estate agents commission and closing costs, I would been writing at least a $10K check to get rid of it.

I am not going to speculate and say your house isn't worth what you think it is, but keep in mind that it is a tough time for real estate agents right now and he/she probably just wants your business, hence the "inflated" asking price. If you really want to give it a shot, before you sign with an agent, have them pull a market analysis of houses in the area that sold recently and ones that are listed. This will give you a clear idea of what your place is really worth. Appraisers use to work hand in hand with the agents, so it was common for an agent to recommend an appraiser and have the appraiser give an inflated cost. Since so many mortage companies have gone under and the foreclosure rate is now astronomical, these types of practices have really been cracked down on.

I ended up renting my house and buying my Dad's house. But, I got luckly and told the renters that if they wanted to purchase my house at the end of their lease, I would sell it to them for what I owed (I had already paid off the second mortage $20K loan). I have a pending purchase agreement with them right now, just need to make sure they pay their rent on time for a year before I commit to selling it to them without a profit. It works out for both of us because they are doing upgrades to it now and their rent basically is paying down the note on the house. So at the end of the year, I don't take a loss and they didn't just throw a years worth of rent away and not see a return. We completely cut out the agent all together.

Good luck, I hope it works out for you. Even if you had an appraiser that was a brother of yours, any smart buyer is going to call BS based on what other houses in the area are listing for, but more importantly, what they sold for. Get a market analysis which should be free from the agent and then decide your best course of action.

 

Thanks for the input, and um Jk007 Im fixing to have another post I want you to check.

This one for now is finished I have recieved all the info I needed and the 3.75 rate is gone as of today lol I didn't realize today was the deadline on the loan. Thanks!