dont exactly have an extra $500 to throw out there to just find out the appraisers are being ultra conservative...what do we do?
I agree with Greg Knox. An Realtor can give you a comparable market analysis to give you an idea.
Contact a local lender who is reputable. He should be able to ask one of the realtors he works with to do him a favor and do a CMA on your property - comparative market analysis.
Try using cyberhomes.com or contact an appraiser to do a comp search (usually only about 75-$100). It's best to use the appraiser that the lender you're using is signed up with. But I'd contact Ron Beebe to find out what kind of loan you have first. He's right.
Hi Albee-
Who is your current lender, and do you know if your loan is held by Fannie Mae or Freddie Mac? These questions being answered will determine if an appraisal is, in fact, required.
Thank You,
Ron Beebe
Ask a Realtor. THey'll tell you for free.
And listen to Realtors, too. Forget the advice below about "active listings". They tell you nothing about the value of your home.
I would never suggest using an online website (that isn't a real estate agents site) to find the value of my home.Your results are exactly why.
You could hire an appraiser in your area, or invite a Realtor to come and do a market analysis. Be up front
with the agent and ask them to do it as a courtesy for you. In turn, it would be admirable of you to refer
people to that agent in the future.
Good Luck.
Judy Bibbings
Here are some quick thoughts that might help...
Especially in a declining market, there is a preference for comps that are less than a month old, then to three, and pushing to 6 months is painful. If a comp is, say, 6-months old and the market has been dropping 2% per month, you could easily see a smaller home be considered worth more than the larger home. Active listings "define" the upper end of the market. If there are other active listings, say for a 2400 sf house, for the same price or less than your 2100 sf house, the sold comps may have to be given less weight because the current market is saying that the home is worth less.
You might also check sites like http://www.FinestExpert.com or cyberhomes or homegain to get a sense of prices. These is no way compare with a good appraisal, but they might give you some insights - by looking at what they consider to be comps.
Hi, base your search on recent (most recent the better) sales within your immediate area for homes similar to yours. That should give you a general idea. Other things to consider is purchase date? purchase price and current loan balance, the type of loan you currently have etc. are all keys points to study with care.
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