my house had 2 more owners, I want my part when put to sell the price was 325 we cancel, we will refinance it, the appraisel was 254 is this correct ? the house is in Logan Square in Chicago,il. What can I do to know that this is correct.
the appraisal made the other owner. Please help me to know what is the correct and what I need to do.
2006-09-18 07:47:04 · 5 answers · asked by Anonymous in Business & Finance ➔ Investing
It is not uncommon to see two different values placed on your property based on if you are refinancing or selling. If the property is being sold the appraisal value is typically higher than if you are trying to refinance. The value two values that you listed are very extreme. I have had appraisers differ from each other by 45k on a 300k, at the most. If you are in a partnership you need to decide which appraiser you want to use, or average out the values based on two different appraisals. I have always pushed for the higher value and insisted that the property be sold. If you can get a higher price on the property than your partner is willing to pay then defiantly sale it. Make sure that your partners are not getting appraisers that are low balling the property for their benefit.
2006-09-18 08:00:48 · answer #1 · answered by BeenThere 3 · 0⤊ 0⤋
I really don't understand the question. Is it that you put up the house for sale at 325 but the appraisal is only 254? The equity is the difference between what you bought the house for and the value of the house when you go to sell or re-finance it. If one of the other owners had it appraised, s(he) should show you the appraisal so you will know what the property is worth. If you gave more for it than it is appraised for, then you have no equity in the house.
2006-09-18 08:00:03 · answer #2 · answered by Linda L 3 · 0⤊ 0⤋
Appraisal prices and selling prices are not always in line with each other.. The apprasial is a fair market value for what you have and what the bank will use to decid how much they are willing to refinance and loan to you.
Your previous selling price is what you set in order to sell your home.. that price will increase or decrease depending who is willing to buy and at what price..
You can also get a second appraisal form another source and compare the results..
2006-09-18 07:56:35 · answer #3 · answered by limgrn_maria 4 · 0⤊ 0⤋
I would hire my own appraiser, and ask for my share of the equity when you refinance it, or offer to sell your share to the other owners.
2006-09-18 07:53:23 · answer #4 · answered by Back Porch Willy 3 · 0⤊ 0⤋
hmm, well, you can always get your own quotes.
if you are curious about the home value.
try http://www.savingslife.com
you can check the homes value , and if you know a little basic info about the current loan, you can get a few quotes from different lenders to see which makes more sense.
2006-09-19 05:27:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋