Financing in 01854>Question Details

Elise, Other/Just Looking in Lowell, MA

I am trying to refinance my mortgage and the places I am calling are asking me for the value of my condo. I

Asked by Elise, Lowell, MA Tue Mar 11, 2008

have no idea! I bought it in 2006 at $239,500, and I know that when the owner of one of the units (there are only 3 in the complex) sold his last september, he lost about $45,000. How can I find out an estimated value to tell these mortgage brokers, without having to pay the appraiser until I decide on a mortgage company?

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Michael Lefebvre’s answer
Elise,
I am also a certified residential real estate appraiser. What I would do as an appraiser is to find the three most comparable (as far as square footage, # of bedrooms, # of baths, condition, etc...) condo sales in as close proximity as possible to yours. Ideally, lenders are looking for comps within a 3-month time frame and 1-mile radius. That's not always possible. Especially these days! For condos, we always want to find a comp within the complex. Yours only has 3 units, so I would be inclined to use that sale from back in September as well. I believe Trulia offers fairly reliable recent sales information you can comb through or head down to the Lowell Assessor's office to research all recent sales.

Your best bet is to find three recent sales of "similar" units in your neighborhood (either through Trulia, Zillow or the Lowell Assessor) and then factor in the recent sale in your building. Was his sale a true, arm's length market sale or was it influenced by other forces (foreclosure, pre-foreclosure, sold to a family member, etc....)?

A little research on MLS shows just one condo in Lowell selling for $239,500 in 2006. I think this might be yours (?) and I'm happy to discuss it further with you if you'd like (617-828-4127).

Good luck with everything and I hope this helps!

Mike Lefebvre
The Appraiser-Realtor
1 vote Thank Flag Link Tue Mar 11, 2008
All of the questions here are good answers I am a loan officer and Brent and Mike are absolutly correct...If you have any question in reference to your mortgage concerns please call our office at 800-695-8031
0 votes Thank Flag Link Fri Mar 14, 2008
Just call a local agent , explain the situation, and ask for a bpo on your unit. They should be happy to help and should be able to answer within minutes.
Web Reference: http://www.hnhre.com
0 votes Thank Flag Link Wed Mar 12, 2008
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