Can I run my own comparable sales report of my neighborhood w/o using a realtor? How?

Question

I want to use the report to request my lender cancel my PMI. I know I have more than 20% equity. I'm trying to prove that by showing appreciation of the neighborhood instead of spending $250+ for an appraisal. Any tips are appreciated!

Answer 1

They won't drop it just because you tell them that in your completely unbiased, uneducated opinion, that your home is worth 20% more than it used to be.

The banks have their rules. If they are requiring an appraisal to drop your PMI, then you simply have ZERO choice but to pay for the appraisal. If you're lucky, they'll let you hire your own, and not use one from their "approved" list.

I don't mean to imply you have no education. But you are not a certified appraiser with thousands of hours of experience working on valuing homes. And the bank has you by the short hairs. Just play their game as best you can.

Or wait until you have paid the balance down to 78% of the value the home was either appraised for or purchased at (lower of the two).

Answer 2

You can go on any Realtor's site and look up comps for the area. You can go on Realtor.com and look at real estate comps by zip code. This will give you a general idea. Also put the same square footage of the lot, and the house sq ft., as well as how many baths, bedrooms, and what size garage.Your appraisal has to be based on the solds not the homes selling in your neighborhood. You don't need a Realtor to do this. But here is the problem your lender will not care. You can show the lender and hope they will do something. My guess is they won't.
Lenders only trust a licensed appraiser to make a decision like that. They are not going to risk their loan when property values are going down without a real appraisal done by a licensed appraiser in writing. In Real Estate if it isn't in writing it never happened. You can take that to the bank. They may want to use their appraiser also. I would ask them to send their appraiser and do an appraisal. You can run comps to be sure but they will not accept your comps.
If it is proved that you have over 20% equity then they will drop the PMI. Actualy the number is 78% owed. That means 22% equity. Some contracts have inserted into them that they will never drop the PMI. If so you have to refinance. These are rare now a days.
This is Real Estate. They deal in the 100's of thousands and often in the millions of dollars. Quit being cheap and pay the professional for the job. You wouldn't take your own appendix out would you? To you 250.00 dollars is a lot of money but to the bank it is nothing compared with loosing the amount of money your bank will loose if you default on the loan. By the way 250.00 is low for an appraisal. Most people are getting 300-350.00 for an appraisal. The banks apraiser will be honest because that is what they are required to be and they are independent from the bank. But they are bank appraisers because they are accurate. Show the appraiser any improvements like a remodeled kitchen or a roll up garage door, a soft water system or permitted add-ons. Things that actually add value not furniture. This may help the appraisal value be toward the high side of the area. Remember they mostly care about square footage and that it will sell for that price.

Answer 3

A bank is not going to allow your comps to remove the pmi. There are going to want a licensed appraiser to tell them the value. Anyone could just make stuff up, or use higher comps that really are not comparable just to get rid of pmi.
Quit being cheap, isn't spending 250-300, better than paying an extra 100 or more a month? Simple math.
RE Agent,
Remax

Answer 4

Check the records at the Tax Appraisers Office. The lender may not accept your determination of value- it may be biased, right? On the other hand, if the bank or lender orders an appraisal- you may feel that it is biased.

Answer 5

You do not/ will not get access to the Realtors site to access com[arables. You will need a licensed Realtor or an appraiser. Lending institutes will not accept anything less. Hire the Realtor or appraiser.

Answer 6

If you do not have access to the MLS listings, then no, you cannot. And besides, when you sell (or refinance), you HAVE to get an appraisal by a licensed appraiser. The lender will accept nothing short of this.

Answer 7

I'd suggest using either a REALTOR or a Title Company to pull COMPS.

Answer 8

You can run your own comps using Excel and entering all the information about sq footage, bedrooms, bathrooms, price etc yourself, then finding average prices. I don't know if the bank will accept that as proof that your home has appreciated or not though.