Appraisal for Refi - Chicagoland Sportbikes
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post #1 of 10 (permalink) Old 06-12-2008, 04:12 PM Thread Starter
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Appraisal for Refi

Anyone know how the appraisal works for refinancing? I am going to be looking to refi pretty soon and would like to get the appriasal done before I start shopping so I know how much equidy I have. What I specifically would like to know is if you can get your own appraisal done before you start shopping and use that for the refi. I'm trying to avoid paying for an appraisal now and then paying for another one that the lender requires if the first one doesn't suffice. TIA.

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post #2 of 10 (permalink) Old 06-12-2008, 04:31 PM
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I don't think so unless somehow you already know what bank you are going to refi with and who they use locally for their appraisal. Banks want their guy (or gal) to come out and perform the appraisal once they have you and your refi on their "radar screen". In my experience, appraisal on this type of thing are somewhat a game. They almost always come w/in a few thousand $'s of the refi or loan amount on the table. The one caveot is if you are clearly trying to pull a loan for quite a bit more than the fair market value of your house.

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post #3 of 10 (permalink) Old 06-12-2008, 04:47 PM Thread Starter
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My specific situation is that I bought a foreclosure, and I've put a decent amount of work into it. I'm trying to get under the 80% point so I can get rid of PMI and also lower my rate (due to a lower rates as a whole and better credit score). Any equity I can pull out and not raise my payment would be great but that's not the main goal.

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Last edited by JoJo; 06-12-2008 at 05:23 PM.
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post #4 of 10 (permalink) Old 06-12-2008, 04:55 PM
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I see what your doing JoJo. I have always worked with my real estate agent on these things. She is somewhat unique for an agent in that she does development as well, so she usually has a pretty good idea on what things will appraise for along with contacts for almost anything real estate related. If you look at the big picture, paying for an initial appraisal will be a small cost if it leads to the elimination of PMI and locking in a better rate. I'm guessing an appraisal for a single family home would cost 3-4 hundo.

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post #5 of 10 (permalink) Old 06-12-2008, 05:15 PM
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I had an appraisal for refi 2 years ago. Pretty smooth. Don't waste your time and money to get someone to appraise for you. With the current credit crunch and homes losing value, the banks have become very strict on who performs the appraisal. Just use their person, the fees are about the same , $300 for the appraisal and maybe you can get your lender to credit it for you.

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post #6 of 10 (permalink) Old 06-12-2008, 05:22 PM Thread Starter
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Thanks for the feedback. My reasoning for wanting the appraisal early is so I can use that info to shop around with different lenders.

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post #7 of 10 (permalink) Old 06-12-2008, 05:25 PM
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JB,

check out Zillow.com. It might be able to give you a fair guestimate based on Comps in the area and it also has a calculator that lets you put in what you did to the house, how much it cost, and how long ago you did it, and will give you some return on investment numbers. Also, when I was refi'ing my house and pulling out equity to do the windows and what not, I spoke to a few different mortgage brokers and they were able to (without charging me) tell me if what i was asking for was in line with reality. I would be happy to PM you the name of my mortgage guy, he was a referral from a member of this board, and was a TRUE straight shooter, he didn't lie, he didn't hide any numbers, and his people were quick and effective.

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post #8 of 10 (permalink) Old 06-12-2008, 05:37 PM Thread Starter
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Quote:
Originally Posted by clearwaterms View Post
JB,

check out Zillow.com. It might be able to give you a fair guestimate based on Comps in the area and it also has a calculator that lets you put in what you did to the house, how much it cost, and how long ago you did it, and will give you some return on investment numbers. Also, when I was refi'ing my house and pulling out equity to do the windows and what not, I spoke to a few different mortgage brokers and they were able to (without charging me) tell me if what i was asking for was in line with reality. I would be happy to PM you the name of my mortgage guy, he was a referral from a member of this board, and was a TRUE straight shooter, he didn't lie, he didn't hide any numbers, and his people were quick and effective.
I've used Zillow and I'm pretty confident that my home is worth well above what I need it to be worth. The condition of the house is pretty good compared to other comps that were sold for more than $85k more than what mine sold for. Thanks for the info.

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Quote:
Originally Posted by flinchy
"I wouldn't be surprised to see this guy catch a pass with his ass cheeks"
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post #9 of 10 (permalink) Old 06-12-2008, 06:38 PM
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Don't trust zillow for something this important. I believe any appraiser with a state license can do it, but I'd ask for a referral from the lender or realtor. I think the lenders know more about this but things have changed and they are being more cautious about values. You'll only need one official appraisal. Also try http://appraiserusa.com/illinois/index.htm to find one.

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post #10 of 10 (permalink) Old 06-12-2008, 09:09 PM
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Zillow is garbage... You may have some challenges getting what you think it is worth now out of the new apprasial. The apprasier is going to base it mainly off of what you paid, when you purchased it, and the comps. They are very conservative now.

You need to use the bank's appraiser, that is the only one they will typically allow. For a while there, most homes were appraising for less than people paid. This is if they bought in 05 - 07 and based on the area. You may want to ask for a walk through if you have done substantial work inside the home. Most banks use a drive by to save money. This is a refi of a 1st, right, not a heloc?
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