Help! I must refinance my house, or I'm going into forclosure. The appraiser is coming soon and the house needs to appraise at a high figure. Is there anything I can do to (legally) coerce the appraiser into assigning a high value? Please help.
2007-02-27 13:34:37 · 13 answers · asked by bonnechancepetitchat 3 in Business & Finance ➔ Renting & Real Estate
The reason for this appraisal is to try to REFINANCE the home so that I can get LOWER payments...duh!
2007-02-28 07:51:59 · update #1
I usually do the leg work for my appraisers. I print the highest comps that have sold and make a list of why the subject property is different and maybe worth more. There are a lot of lazy appraisers, so the more you can provide the better your chances. In this market it's hard to stretch an appraisal. Home values are decreasing in many areas.
I'm confused..if you couldn't afford the old payments..what makes you think you can handle the new ones? If you do go into foreclosure, you should still have plenty of time to sell it. Find a good attorney that handles foreclosures so he can buy you some time to sell it and find a good real estate agent. Good luck.
Vicki
2007-02-27 14:41:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Coercing or bribing an appraiser is AGAINST THE LAW! Your house will appraise at whatever it appraises at, much of it based on the other homes in your immediate area. Generally, square footage of the home is key, and depending on your sq. footage, I don't care if you have solid gold walls in there, the appraiser looks basically at the sq. footage and if the home is up to date on repairs, things like that. Ignore thos ewho tell you to paint, install tile, new carpet and that kind of thing. This will NOT raise the appraised valuation, it will only help the place sell a bit quicker (perhaps). Also, forget the advice of baking cookies so the place will smell nice. Some of the people here really don't have a clue as to what an APPRAISAL is about! It is NOT about selling the home, it is, as I stated, about appraising the value based on square footage and other homes in your area.
2007-02-27 14:35:02 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Sounds to me like you are putting a band aid on a much larger problem. Why are you going into foreclosure? because you cannot afford the payment right? So what makes you think you will pay when they refi you? now you will owe more there for the payment will go up. Sure you will have some money in the bank from the refi, but how long will it last? you will end up in the same situation over and over. Plus you ill not be able to sell because you owe more than it is worth. Sounds to me you are fighting an uphill battle.
RE Agent,
Re max
2007-02-27 15:44:26 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋
The appraisal will be based on other houses within the market
The only real thing that affects the value is if you had renovations done to it. (finished basement, pool, hardwood etc..)
Your tax evaluation is the starting point then they look at what other similar homes sold for in the area.
2007-02-27 13:39:16 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Even with MAJOR upgrades, the house will only appraise as much as the neighboring homes.
2007-02-27 13:43:04 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Don't think you can do anything. Usually house
are apraised at the going rate of the neighbor-
hood. Such as, if ten houses are appraised at
200,000. dolllars in your area, then most likely
yours will be pretty much the same.
2007-02-27 13:45:10 · answer #6 · answered by Anonymous · 1⤊ 1⤋
Nice name. Truthseeker. And you're asking how to induce your appraiser to basically commit fraud. The value is the value. All you're going to end up doing is borrowing more money, and losing the house soon anyway, and causing the bank to lose money.
2007-02-27 15:37:28 · answer #7 · answered by Yanswersmonitorsarenazis 5 · 1⤊ 1⤋
Clean up the place, bake some nice cookies when he comes to give the place a pleasant atmosphere and give him some of the cookies with some coffee or tea. Be friendly, lay around some information on other houses like yours that appaise high like you want (recent sales) and mention what you saw, he may or may not use it (invite him to take the info and some cookies along.
2007-02-27 13:40:00 · answer #8 · answered by victorschool1 5 · 1⤊ 3⤋
Well a little bit of curb appeal, minor renovations, small cost but great for the value of the house
2007-02-27 13:40:45 · answer #9 · answered by Labella 1 · 0⤊ 2⤋
No...............the appraiser is the one who knows what to look for. You can't hide or fake anything
2007-02-27 13:38:21 · answer #10 · answered by Nagitar™ 7 · 1⤊ 1⤋