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Questions tagged [appraisal]

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2
votes
1answer
92 views

Home appraisal ROI: changing floors

I know that homes in the US usually are appraised at a higher value if they have hardwood or laminate floors instead of carpet, so I recently removed all the carpet I hac downstairs and replaced it ...
2
votes
0answers
78 views

In the U.S., is one who inherits artwork, antiques, or other such goods required to professionally appraise them before selling them?

Artwork, antiques, or other such goods: the category I am trying to refer to is those things which are sold on a market which is not liquid enough for it to be immediately obvious what the market ...
2
votes
1answer
162 views

Can the PMI be dropped without refinancing based on home value increase?

I reached out to my lender today and he told me that: If I have 78% LTV of the original home appraisal, PMI is dropped automatically; however, If I reappraise the home and the value increased, making ...
0
votes
0answers
25 views

Do I need to remortgage to get rid of PMI with a new appraisal? [duplicate]

I asked this question about whether I need to re-apply for my mortgage in order to not have to pay private mortgage insurance anymore. All answers mentioned that this is not necessary. However, I'm ...
0
votes
1answer
209 views

Does the official county appraisal count for PMI calculation?

I contacted my county's tax office today and I was told that my home is appraised $7,000 more than it was a year ago. Great news, especially as I'm fighting to stop paying private mortgage insurance (...
9
votes
1answer
710 views

Type of loan needed when demo'ing old home on property we own ($0 debt) for new home construction

My husband and I own property with an existing low-value home on it that is too cost restrictive to remodel with no loans/liens against it. We need to demo the existing home for new construction. ...
2
votes
1answer
157 views

What criteria should be considered when selecting a residential real-estate appraiser in the US?

As a buyer, if a private appraisal should be performed on residential real-estate prior to purchase, what criteria should be considered when selecting the appraiser, and how can someone locate and ...
2
votes
1answer
182 views

Are there any downsides to regularly getting a condo appraised for tax purposes in the US?

I own a condo in a metropolitan downtown area of Colorado, USA. The housing market is very hot, and my property taxes are skyrocketing to the point where I can barely afford them. Part of the problem ...
4
votes
2answers
914 views

Bank denying loan after “subject-to” appraisal: What to do?

I'm buying a two-unit investment property directly from the seller (no Realtors involved). The purchase price is $110k. I am trying to get a conventional loan through a large national bank. ...
35
votes
3answers
8k views

Home inspection for home owners insurance revealed damage my inspection and my lender's appraiser did not see

I recently bought a house in Iowa. I hired a company to inspect the home, they found a few minor things but nothing major. My lender had an appraisal and they didn't note anything either. I purchased ...
1
vote
1answer
61 views

what if the appraisal value is lower than the contractual price

I have a question regarding purchasing a house. Assume the bank appraisal value is lower than the contractual price, and the seller and I cannot make agreement for a new price, will I lose all of the ...
3
votes
1answer
74 views

Cost of appraisal/borrower rights

I understand the lender chooses who performs their appraisal and I cannot shop around for this, but I want to know that they aren't inflating the charge. Is this reasonable? How should I word the ...
32
votes
3answers
4k views

How do I estimate the value of a small cabin rental business I want to buy?

My husband and I are retired. We are looking for a small business we can run until we are gone. We have found a rustic campground with 5 cabins and more space to build additional cabins. It has ...
0
votes
1answer
81 views

How do brokerage fees affect the fair market value of a house in a buyout?

If Alice and Bob buy a house for $100,000, and one of them needs to buy out the other's share soon after, would the fair market value be $100,000 (the purchase price) or $94,000 (what they would get ...
0
votes
1answer
433 views

Effect of property tax reduction on sale price

EDIT: TL;DR: If property tax assessments are lowered, will that be likely to lower what you can get for the house when you sell it? I am currently residing in the estate house of my late mother, and ...
0
votes
1answer
2k views

Paid appraisal by credit card but found out at closing it was just a portion?

I recently did a home refinance and I paid (what I thought) was the entire appraisal fee on my credit card early on in the process. I put the $360 appraisal fee on my Amex. At closing, the appraisal ...
1
vote
3answers
210 views

How does a lender compute equity requirement for PMI?

I owe 280k on a house and asked my lender (CitiMortgage) about refinancing. My credit score is great (close to 850), and I'm a customer in good standing. CitiMortgage's appraisal came back at around ...
0
votes
1answer
411 views

How do practically determine a house's value

How should someone determine the value of a house, practically speaking? I understand it helps to look at the price of comparable places in the area, but there are so many variables at play that I ...
2
votes
1answer
10k views

What happens if the appraisal is different than the sale price?

As I understand: The purpose of a down payment is to minimize risk to the lender. For a traditional mortgage, lenders are willing to lend up to 80% of the value of the house. The appraisal ...
1
vote
3answers
319 views

Investment property refinance following a low appraisal?

Before I met my wife, I bought a house in April 2007, using a mortgage from my credit union. In December 2011 I refinanced this mortgage into a 4.625% fixed conforming 25-year mortgage with a Lender. ...
3
votes
2answers
378 views

Property appraisal protest question

(First time homeowner here) I recently received my estimated property value in the mail. It was listed at $207k. Our house was built in 2013, and the value of the land pre-build was $25k. The home ...
2
votes
1answer
140 views

Gift tax on investment property bought below appraisal value from a non-related person?

I have a friend who I am purchasing an investment property from at the same price they paid for it but the appraisal value is about a 1/3 higher than what I will pay for it. Will the seller owe gift ...
0
votes
3answers
213 views

Low cost real estate appraisal options

So I am buying a rental property as an investment and expect to do the purchase as a cash deal. So technically there is no lender to force me to get an appraisal on the property. Of course, I still ...
5
votes
3answers
1k views

Assessed value of my house

I received a letter from the county tax assessor. It gave me the total appraised value $188,000. I purchased it on Sept, 2008. The price was 216,000. I am shocked at such a big difference. I use [...
4
votes
1answer
3k views

Home rebuilding cost vs “Cost Approach (If Developed)” on appraisal?

I am in the process of buying a home. The lowest cost to rebuild quote I've been able to get is $309,000. I just got my appraisal back today. And it has something call "Cost Approach (If Developed)". ...
5
votes
3answers
578 views

What is the best way to get a “rough” home appraisal prior to starting the refinance process?

Given the tightening of regulations on appraisals in the home financing process, I would like to get an idea of the "rough" value of my home before initiating the refinance process. Since our ...
9
votes
4answers
872 views

Our home equity has increased. Can we get rid of PMI without an appraisal?

We have Private Mortgage Insurance on our house because we didn't put 20% down when we bought it. We've recently paid some extra money on the mortgage, and we now have > 22% equity. We've contacted ...