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Home appraisal question
Posted on 4/11/17 at 12:56 pm
Posted on 4/11/17 at 12:56 pm
Working on getting a HELOC and they require an appraisal to get the real LTV. Could have a big bearing on our interest rate with PenFed.
I can't even begin to figure out what the heck our home will appraise for.
We built during phase 1 of the neighborhood at 325 base price, totaled to 342 with upgrades and such. The appraisal at closing came in at 363.
The base price of our floor model is now around 350. I've seen some go as high as 395.
I guessed 380 is what it would appraise for now, and that gives us a much better rate.
Am I completely crazy to think it could appraise for 380 now?
I can't even begin to figure out what the heck our home will appraise for.
We built during phase 1 of the neighborhood at 325 base price, totaled to 342 with upgrades and such. The appraisal at closing came in at 363.
The base price of our floor model is now around 350. I've seen some go as high as 395.
I guessed 380 is what it would appraise for now, and that gives us a much better rate.
Am I completely crazy to think it could appraise for 380 now?
3
Posted on 4/11/17 at 1:05 pm to BoogaBear
Appraisals are always going to be a crap shoot because it depends on "recently sold comparables".
How long ago did you build and where did you build? I've been curious how appraisals will play out in the Ascension/Livingston/Baton Rouge area since the flood.
So no you're not crazy to think that. Certainly possible. could come back at $340 depending on what's been selling around you lately.
How long ago did you build and where did you build? I've been curious how appraisals will play out in the Ascension/Livingston/Baton Rouge area since the flood.
So no you're not crazy to think that. Certainly possible. could come back at $340 depending on what's been selling around you lately.
Posted on 4/11/17 at 1:07 pm to BeerMoney
I'm actually in Pelham just south of Birmingham.
We built in 2015.
Another application went through the desktop appraisal deal and they came back at 385 but they had a higher interest rate than PenFed.
We built in 2015.
Another application went through the desktop appraisal deal and they came back at 385 but they had a higher interest rate than PenFed.
Posted on 4/11/17 at 1:15 pm to BoogaBear
quote:
We built in 2015
quote:
The appraisal at closing came in at 363.
quote:
I've seen some go as high as 395.
quote:
Am I completely crazy to think it could appraise for 380 now?
You are only talking about a 5% total increase in appraisal over two years in a rising market plus you've already seen houses go for 395k. Obviously you aren't completely crazy to think that you could appraise for at least 380k. It would be disappointing if it didn't appraise for at least that much.
This post was edited on 4/11/17 at 1:16 pm
Posted on 4/11/17 at 4:08 pm to BoogaBear
quote:
BoogaBear
quote:
Am I completely crazy to think it could appraise for 380 now?
Based on the rest of your post, not at all. Go for it brah.
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