Hi - we are interested in Refi'ing but all the loan officers ask me "whats the value" - trulia and zillow are aprx $120K apart. We

Albee
Other/Just Looking
Silver Spring, MD

dont exactly have an extra $500 to throw out there to just find out the appraisers are being ultra conservative...what do we do?

Mario Bautzik
Mortgage Broker
or Lender

Rockville, MD

I agree with Greg Knox. An Realtor can give you a comparable market analysis to give you an idea.

Fri Nov 13 2009, 10:01
Greg Knox
Mortgage Broker
or Lender

Cedar Knolls, NJ

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.

Fri Oct 30 2009, 07:24
Bill Polack
Mortgage Broker
or Lender

Atlanta, GA

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.

Fri Oct 30 2009, 07:13
Ron Beebe
Mortgage Broker
or Lender

19382

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

Web Reference: http://www.ronbeebe.com
Fri Oct 30 2009, 06:42
J R
Agent
New York, NY

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.

Thu Oct 29 2009, 20:24
Judy Bibbings
Agent
New Buffalo, MI

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

Thu Oct 29 2009, 19:30
Jeff Hudson
Both Buyer and Seller
Nevada

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.

Thu Oct 29 2009, 19:17
Al Gonzalez
Mortgage Broker
or Lender

Miami, FL

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.

Thu Oct 29 2009, 19:12

Didn’t find what you were looking for? Ask a question!

Search Advice

Ask a question

Got a real estate question? Get answers from locals, experts and real estate pros.
Ask
Email me when…

Learn more

View all » 1 - 3 of 71
Copyright © 2009 Trulia, Inc. All rights reserved.   |   Fair Housing and Equal Opportunity
Help us improve our service—send us feedback