Questions tagged [appraisal]
The appraisal tag has no usage guidance.
37
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How common is it for appraisals to come in at exactly the offer price?
I recently put in an offer at a house at 5% above asking price. When I got the assessment back, it appraised at exactly the offer price. I was surprised by this because expected it to assess below ...
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Protesting/Disputing Appraisal Increase on Unimproved Land
I live in Texas and own about 13 acres of (farm) land. The appraisal for the land went from ~$165K last year to ~$270K this year, an increase of about ~63%. There is nothing distinctive, either pro ...
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Appraisal came in low, but appraiser was given incorrect price
I just received an appraisal report claiming that the house I'm buying is worth $7,000 under the price that I'm paying. However, the appraisal report shows that the appraiser was given a contract ...
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How can I find the FMV of my property 10 years ago, the year my husband passed away?
How can I find out the FMV of my property 10 years ago, the year my husband passed away. Related to if the $500K tax exclusion is applicable still if I sell my house this year.
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Refinancing a mortgage: Can I use an appraisal ordered by a previous lender with a new one?
My wife and I are currently in the process of refinancing our home. However, due to factors outside of our control, our rate lock with the lender we are currently working with has expired and the new ...
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What is the formula to determine "profitability" in the inflated art appraisal tax evasion scheme?
An often talked about form of tax evasion in the last several years is donation of works of art that have a grossly inflated appraised value. A rich person buys some piece of art for thousands, ...
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Will my property taxes change if I get it appraised for PMI removal?
I have studied questions around Mortgage Insurance removal and various experiences (mostly painful) with lenders in this process.
I had budgeted and readied myself to make a principal payment to bring ...
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What would happen if I refuse to let the tax assessors into my house?
A representative from my town showed up unannounced at my house today and asked to come in to do a property tax assessment. I [politely] declined. The representative was reasonable and left a card ...
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When is a lump sum principal payment to remove PMI worth it?
I bought a house 2 years ago, but due to the current pandemic fears, I'm already refinancing my mortgage to get an interest rate that's a full percentage point lower than before (3.5% vs. 4.5%). I ...
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Determining fair price for profitable mobile app business
I have been developing iOS apps for a few years now. They do pretty well, and yesterday I was approached with an offer to buy one of them. The offer was for $40,000 dollars for an app that generates ...
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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 ...
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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 ...
user68937
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304
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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 ...
- 1,163
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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 ...
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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 (...
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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. ...
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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 ...
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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 ...
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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. ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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. ...
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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 ...
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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 ...
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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 ...
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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 [...
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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)". ...
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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 ...
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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 ...
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