Appraisal Estimate? Is it worth it to try? > FORUM > 85239.com Maricopa Arizona (AZ)

Subject: Appraisal Estimate? Is it worth it to try?

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strwbrryflds User is Offline

Posts:18

03/19/2008 7:10 PM	Alert
I am currently trying to refinance my home due to a recent divorce. I'd like to keep the house and try to keep a similar monthly payment, but I'm concerned that my appraisal will be too low. Mostly I just need to get my ex-husband's name off the loan. I have a 3 bedroom + loft/2.5 bathroom house in Acacia Crossings. My appraisal must come in at $207,000 for me to refinance-- which would put me at 85% loan to value. If the appraisal comes in lower than $207,000, I won't be able to refinance and I'll have lost the $350 appraisal fee. Does anyone have any advice on whether or not, in my situation, its worth it to take a shot on an appraisal, or whether I should just save myself the $350? This loan is through Quicken Loans and is for a 30 yr fixed conventional loan. I tried for an FHA 30 yr fixed, but was denied due to my house having been on the market within the last 6 months. I just took my house off the market this week when I determined I wanted to stay in my home if at all possible. Any advice would be most appreciated. Thanks!!

nhms

Posts:91

03/19/2008 9:59 PM	Alert
Go to www.zillow.com and see what ballpark figure your house comes in at. If it's within 5K of what you're looking for, I would say do the appraisal.

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strwbrryflds User is Offline

Posts:18

03/20/2008 6:45 AM	Alert
Thanks, nhms! The appraisal value on zillow shows $205,000, which is $2,000 less than I need, but its workable. Has anyone in the area with a similar house (3 br + loft/2.5 bath, 2-story) had an appraisal recently? If so, what did your appraisal come in at. Also, if you've had an appraisal recently, how close did your appriasal come in to what zillow.com shows? Thanks to everyone!

RichTig

Posts:0

03/20/2008 11:06 AM	Alert
Get 'friendly' with the appraiser.

Ebay1

Posts:127

03/21/2008 8:16 AM	Alert
Most loan companies pay for the appraisal when you are refinancing. You should contact Quicken Loans to see if they'll pay.

PKMet

Posts:244

03/21/2008 9:03 AM	Alert
Anyone familiar with Zillow? Is their "Zestimate" accurate? Or is it a lot less than that because the range is so big on homes here?

They are who we thought they were!

nhms

Posts:91

03/21/2008 9:38 AM	Alert
Zillow is somewhat comparable to what a desktop appraisal will come up with. It's the extras you put into your home that may not be reported or comparable sales of homes in other neighborhoods that can fluctuate your value. When we had an appraiser come to our home in the Villages a couple of years ago, he was taking values of homes in Acacia Crossings and Maricopa Meadows rather than what had just sold down the street 4 months prior.

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LeonPotter User is Offline

Posts:506

03/23/2008 3:50 AM	Alert
I wouldn't pay for it. I refi'd thru desertschools, all my fees (approx $200) were paid and will be waived by said credit union. Please see my various comments in "mortgage refinance","lending rates", other threads related to this topic. btw, one may go through entire process and stop short of receiving loan and the appraisal fee will not be billed to applicant. No fee is charged for that matter.

My answer is "NO" to Q#5 and Q#1. Proverbs 22:7 The rich ruleth over the poor and the borrower is servant to the lender.

delby

Posts:0

03/23/2008 3:54 PM	Alert
Posted By RichTig on 03/20/2008 11:06 AM Get 'friendly' with the appraiser. The problem with 'getting friendly' with the appraiser is that he/she makes the prices higher than what they should be and when the bank sees this they want to do their own appraisal. Further more isn't this why we are in the economical predicament that we are in right now? Or is it because the loan officers kinking the deals?

Marni

Posts:499

03/26/2008 10:15 AM	Alert
The problem with 'getting friendly' with the appraiser is that he/she makes the prices higher than what they should be and when the bank sees this they want to do their own appraisal. Further more isn't this why we are in the economical predicament that we are in right now? Or is it because the loan officers kinking the deals? It is a combination. A combination of lenders making sub prime loans and borrowers greed.

Vote NO on Prop 102

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