I am trying to refinance my house and I need to get my house to appraise for at least 185,000. It appriased for $175,000 in July. Is there anything I can do to get it to appraise for more???
2007-01-04 16:11:03 · 8 answers · asked by Just Wondering 5 in Business & Finance ➔ Renting & Real Estate
As an appraiser here is some advice. First, buttering us up will not help we are neutral third parties. I would personally look for comparable homes in the area that have sold in your price range and if your appraisal came in lower then I would show them to him/her. Next, before the inspection I would clean up and make the place presentable; that's all you can do. The biggest weight will obviously lean towards other comps in your neighborhood and value is based on square footage, lot size, #bedrooms, bath, location, finished/unfinished,part basement, overall market appeal/condition and amenities (swimming pool, detached, attached garage etc.)
2007-01-04 17:27:21 · answer #1 · answered by tianaramal 4 · 0⤊ 1⤋
Standard appreciation should already have you very close but appraisers look at comps and compare your home to them. that said make your house look as good as possible, as if you was doing an open house to sell it. Then have a decent agent pull you some comps as similar to your house as possible within 1 mile radius. Take the best 3 that closest match and provide them for the appraiser to possibly use. Look at them yourself also and try to match their curb appeal if possible. Remove anything vegetation wise within 12 inches of your siding and try to maintain a 6 inch minimum earth to bottom of siding margin also. I have seen many poorly prepared sellers not know this and have an appraiser nearly kill their deal by requiring a pest inspection due to bushes against the siding. The appraiser can adjust up if your home looks good, is functional, and doesn't display potential issues. Refinance appraisals also generally give the benefit of the doubt so to speak to the homeowner so you should be just fine. They have their target number and are just trying to justify it therefore the actual appraisal amount might not be total market value. Still it is a qualified opinion of value, best luck with your new loan.
2007-01-05 05:02:36 · answer #2 · answered by Kevin H 4 · 0⤊ 0⤋
Add a bedroom.
If you have a very large bedroom and you don't mind some construction, you can put a wall up and create 2 bedrooms from the one. This will force the appraiser to compare your home to other homes with this many bedrooms.
I would talk to your appraiser first because this may or may not work depending on how many bedrooms you have now and what the normal number of bedrooms is in your area.
The other answers are pretty good too. Butter up the appraiser. They are humans so they can be swayed. Have a friend or coworker that's not too familiar with your home walkthrough and point out some basic clean-ups.
Also, learn more about the mortgage process at my blog at: http://explaintome.blogspot.com
2007-01-04 16:50:02 · answer #3 · answered by Anonymous · 0⤊ 1⤋
the only thing you could possible do is see if you can make the house look better. Some things that you could look at doing without actually seeing the house is.
Does it need a face lift with new paint?
Could you paint a feature wall to modernise the house?
Have a look at the garden and see if you could get a new look going by doing it up.
If there is anything broken fix it.
Have a Friend go through the house and ask them what they think you could do to make it look better. Could you ring the appraiser and ask them what they think you could do?
Good luck
2007-01-04 16:23:44 · answer #4 · answered by finabella9 3 · 0⤊ 0⤋
as a result, except you have been waiting to come again up with the better 30K, you would be no longer able to acquire financing and there could be no deal. the different concepts are you arise with a element and the supplier comes up with a element (i.e., supplier lowers value through $15K and you arise with $15K money) or the supplier re-fees the domicile (likely with out the $3K final help). As for a 2nd appraisal, it somewhat is as much as you to get the appraisal considering the fact which you're those borrowing the money (the appraisal isn't for the supplier, it somewhat is on your lender).
2016-11-26 20:27:38 · answer #5 · answered by ? 4 · 0⤊ 0⤋
walk through with the appraiser and point out the upgrades you have made to your house. the appraiser runs comparables (other houses in the area and what they SOLD not LISTED for). they can appraise at the high or low end of the scale. you have to "butter up" your appraiser. i don't mean bribe. get the appraiser to like you (or your dog or kid or husband) and they are more likely to appraise at the higher end. be smooth and subtle. i have had my houses appraised many times and this approach is fool proof.
2007-01-04 16:21:53 · answer #6 · answered by LO! 4 · 0⤊ 1⤋
Make your house more better so the the appriased level well go up then you will get what you want Good luck
2007-01-04 16:34:59 · answer #7 · answered by pattibcacl 6 · 0⤊ 0⤋
add bedrooms, bathrooms, an addition... anything that gives you more square footage.
2007-01-05 02:41:56 · answer #8 · answered by Anonymous · 0⤊ 1⤋