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Started By
Message
Home getting appraised for a Refi. Any pointers?
Posted on 4/13/21 at 5:18 pm
Posted on 4/13/21 at 5:18 pm
Don’t know if this would be better on here or the HG board so I’ll ask both. Have an appraiser coming next week for the loan on a refi. Thought it would just be a drive by or something simple. Loan officer just told me “nah, he’s coming in and gonna look at everything”. Now I feel like I have to remodel by next week lol
So what’s some things to “make sure of” or simple/quick fixes that can be done in a week that can make a difference?
So what’s some things to “make sure of” or simple/quick fixes that can be done in a week that can make a difference?
9
Posted on 4/13/21 at 5:35 pm to Schmelly
Clean the fricker up and cut the grass.
Posted on 4/13/21 at 5:46 pm to Schmelly
Get a list of comps sold in your area from a Realtor preferably. Drive around and check them out
Show those sales and explain to the appraiser why your house is better
Make sure to get in their ear even if they dont want to hear it
The way you live doesnt matter as long as you are not a hoarder
Any repairs you know of fix them so they dont have to come back out
Show those sales and explain to the appraiser why your house is better
Make sure to get in their ear even if they dont want to hear it
The way you live doesnt matter as long as you are not a hoarder
Any repairs you know of fix them so they dont have to come back out
Posted on 4/13/21 at 5:54 pm to Schmelly
Unless your doing this to remodel do not take any money out and do the term for less years.
Posted on 4/13/21 at 6:00 pm to Schmelly
I started a refi last fall and my appraiser gave me a trash appraisal.
I argued with the lender to no avail, so I killed the refi.
Just finished a refi less than 4 months later and house appraised for almost 100k higher than original appraisal.
Depends on your appraiser.
I argued with the lender to no avail, so I killed the refi.
Just finished a refi less than 4 months later and house appraised for almost 100k higher than original appraisal.
Depends on your appraiser.
Posted on 4/13/21 at 7:04 pm to blueboxer1119
A lot of appraisers are doing drive by appraisals for refis. They don’t even go in your house. I would push them to do a full appraisal and be really nice to the appraiser when he’s there.
Posted on 4/14/21 at 1:39 am to DeafVallyBatnR
quote:
Unless your doing this to remodel do not take any money out and do the term for less years.
That part is done boss. Went from 22 left on a 30 @4.25% to 15@1.99% I’m rich bitch!!!! Lol, feels like it. Gonna save me around $100k
Posted on 4/14/21 at 7:44 am to Schmelly
Get Comps of similar Sq ft homes sold in last 6 months to compare
Clean up your house (inside/out)
Notify appraiser of any remodels or updates.
They will pull comps and measure/verify sq ft. So, not much you can do.
I just did a refi....paid $400 and he was here for 20 min. I really should get an appraisal Lic
Clean up your house (inside/out)
Notify appraiser of any remodels or updates.
They will pull comps and measure/verify sq ft. So, not much you can do.
I just did a refi....paid $400 and he was here for 20 min. I really should get an appraisal Lic
Posted on 4/14/21 at 10:46 am to bstew3006
I had a refi appraisal done last year. the guy seemed to really take his time. Went into every room and closet, I think. (for what reason, I don't know) it was just a formality according to the bank and an expensive one at that. went from 19 at 4.875 to 15 yr @ 2.125.
Posted on 4/14/21 at 10:51 am to Schmelly
I got my refi done back in Sept/Oct last year...first time doing one.
I was shocked that they didnt need an appraisal. Literally the conversation went "What do you think your house is worth now?" I just shot the shite a bit and was like, well, this place which is similar to ours went for this much a couple months ago, so probably a little bit higher than that, call it $320k (we bought for $275k in May 2017). They just took that and ran with it.
It was a different lender as well we refinanced through. We went from 4.25% with 26+ years left on a 30 to 2.375% on a 15 then with them. Was actually pretty easy and painless.
I was shocked that they didnt need an appraisal. Literally the conversation went "What do you think your house is worth now?" I just shot the shite a bit and was like, well, this place which is similar to ours went for this much a couple months ago, so probably a little bit higher than that, call it $320k (we bought for $275k in May 2017). They just took that and ran with it.
It was a different lender as well we refinanced through. We went from 4.25% with 26+ years left on a 30 to 2.375% on a 15 then with them. Was actually pretty easy and painless.
This post was edited on 4/14/21 at 10:53 am
Posted on 4/14/21 at 12:54 pm to Schmelly
Ask if you can pick from their list of appraisers or give them a name of an appraiser who knows your neighborhood. They may not take it but worth a shot. In some areas, if your appraiser does not know your neighborhood, even a comp from a mile or 2 away can be drastically different and screw up your evaluation.
Posted on 4/14/21 at 1:45 pm to Schmelly
Be upfront about what you expect the appraised value to be with a justification and a specific property that compares well. My appraisal lasted 10mins with 15 quick photos. A house 3 doors down sold 90 days before my refi making the job easy. She appraised mine for the same price which is what I told her I expected.
Posted on 4/14/21 at 7:57 pm to B4YOU
Pretty easy one for the appraiser
Posted on 4/14/21 at 8:39 pm to Schmelly
Related question:
Any way to get a refi without having to get an appraisal done?
Any way to get a refi without having to get an appraisal done?
Posted on 4/14/21 at 9:55 pm to East Coast Band
If you have enough equity and you are not pulling cash out, some lenders aren’t requiring an appraisal.
Posted on 4/15/21 at 7:58 am to East Coast Band
quote:
Related question:
Any way to get a refi without having to get an appraisal done?
Yeah we just got one (see above) with no appraisal. I was baffled as to how, but she mentioned credit score was 1 big factor. Not sure why that carries so much weight, but we bought for $275k in 2017 and I told them it was worth "about $320k" in Sep last year for refi, and they just ran with that. It automatically dropped PMI from our previous mortgage because LTV was >20% at that point on the $320k self-valuation
She didnt mention equity we had, because honestly didnt have much base don purchase price of house from 2017, still owed like $246k i think at time of refi. We pulled no cash out for our refi.
This post was edited on 4/15/21 at 8:00 am
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