from there is coming to our home. Should I find an unbiased person to assess our home? I feel that the banker may give a low assessment because my ex is his customer. Please respond asap. Thank-you
2006-09-10 00:04:20 · 9 answers · asked by dilly dally 1 in Business & Finance ➔ Renting & Real Estate
The term is appraiser. Assessor refers to taxes. And you refinance a home, not remortgage.
To refinance the home will require an appraisal of the value. All appraisers are required to give an "arms length" valuation of the property especially since the mid 1990's when banks, savings & loan companies went broke and the public had to bail them out.
Note: In a slowing real estate market (you said not where it is located) values can actually, but not typically, decline. In other words it must be an honest appraisal. The fee runs in the $325.00 to $400.00 range.
You are free to commission your own appraislal, but the lender has significant legal issues if they artifically inflate the appraisal and are subsequently audited, or if they undervalue it they potentially have an issue with you and your attorney, perhaps the court.
You also are free to employ an appraiser to review the bank appraisal which is reasonable. I suspect that you will find they will agree on the value which is based upon recent sales of like-kind homes in the area. I'd suggest that you obtain a copy of the appraisal and provide it to your attorney. Let him guide you in this process as you may have legal issues that will need addressed. You should know the closing attorney so that you can have a separate check issued at closing for your portion of the equity. There will be closing costs, and some you will owe, maybe some you will not. Your divorce decree will govern and your attorney will oversee your rights.
I assume that your name is still on the deed. If so you have a big say in releasing the deed for the new mortgage, but you also benefit by cutting this tie as soon as possible. If the appraised amount seems reasonable, take your protion of the equity and go. Fighting over a realatively small increase will benefit the attroneys and appraisers most, while costing you more while receiving less in the end.
You may also ask a real estate agent to give you a brokers opinion of the values based upon like kind properties, which is not an appraisal but an opinion of what to price the home to sell it based upon reasonable like kind sales. That may or may not have a cost, but if so it will cost less than a full appraisial and perhaps alert you if the mortgage appraisal is too low. You can then present to the appraiser other comparable sales for consideration in re-evaluating the appraised value.
Good luck.
2006-09-10 11:41:31 · answer #1 · answered by hithere2ya 5 · 1⤊ 0⤋
spend the money on your own appraisor! If you don't have the money, Call a realtor, they can give you a very good idea of what the homes are going for in your area via a market appraisal. Get a copy from them of comprable homes then you know if you;re getting the shaft.
2006-09-10 05:07:46 · answer #2 · answered by cinderjo 3 · 1⤊ 0⤋
YES. Get your own people to assess the house. If they can't agree, get them to pick a third assessor or go before an arbitrator.
2006-09-10 00:14:11 · answer #3 · answered by SPLATT 7 · 1⤊ 0⤋
surely, in case you recognize he's committing fraud - and especially because you're in my opinion benefitting through the refinancing so he can purchase you out! - you're an adjunct to the fraud. legal! make confident you recognize precisely what is going on the following. If he does pass & stay interior the domicile himself even as he buys you out, for sure, it really is proprietor-occupied & reliable. yet any shenanigans and also you're certainly responsible and prosecutable.
2016-10-15 23:52:38 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Hell yes. You should always have more than one apraisal done, especialy in a buy out. the difference in appraisals can be any where from 10,000 to 100,000 dollars. It is worth the investment in multiple appaisals.
2006-09-10 04:34:21 · answer #5 · answered by bigmama 2 · 1⤊ 1⤋
an independent valuation is the best idea but it might cost you for the report
2006-09-10 00:23:48 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Wow, thankyou! I was wondering the same question the other day
2016-08-23 06:31:36 · answer #7 · answered by albertina 4 · 0⤊ 0⤋
Unless you don't like money.
2006-09-10 00:07:04 · answer #8 · answered by Anonymous · 0⤊ 2⤋
Loads of insightful answers, thanks
2016-08-08 14:40:25 · answer #9 · answered by ? 3 · 0⤊ 0⤋