Financing in 01810>Question Details

anonymous, Home Buyer in Andover, MN

I had my house appraised two years ago, I have not made any significant improvements, is it worth having

Asked by anonymous, Andover, MN Wed Dec 19, 2007

another appraisal in an attempt to secure a home equity loan?

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Don't waste a real estate agents time asking for a CMA if it isn't your intention to sell. If you already know and are somewhat regularly in contact with a real estate agent, yeah they should be able to do just as well as an appraiser (if they're experienced), and I'm sure they'd be happy to do one for you. But if you don't already know the agent, and it's clearly not your intention to sell, I think it's a little rude...
2 votes Thank Flag Link Wed Dec 19, 2007
Dear Anonymous, a lot has happened in real estate prices in the past two years, mostly a depreciation in value. If you are looking for a home equity loan, the bank will do their own appraisal once you apply so there is no need for you to pay for one ahead of time. You can also call your local real estate agent to do a Comparative Market Analysis so you will have an idea ahead of time what your house is worth and how much equity you have. I hope this helps!
1 vote Thank Flag Link Wed Dec 19, 2007
Worth having? Your lender will likely require that you have a recent appraisal done to protect their interests. So having one done on your own would only add additional expense to your process.

Good luck,

0 votes Thank Flag Link Fri Sep 19, 2014
I would not bother at this point. If you are refinancing the lender with have their own appraisers. If you are selling interview 3 agents. Our office is in downtown Andover if you need help.
Flag Tue Mar 17, 2015
I would not have an appraisal ordered on your own if you are attempting to secure a home equity line or loan. The bank or institution will require an independent appraisal ordered making your appraisal a costly piece of information that cannot be used for the loan.

I would talk to a loan officer to evaluate your current mortgage and financing structure. There might be benefit to taking a cashout mortgage rather than a home equity depending on your current rate, balance, equity position, tax bracket, etc. A consultation is of no cost or obligation.

Mike Suffoletto
0 votes Thank Flag Link Fri Sep 19, 2014
An appraisal from two years ago is not a reflection of the current market. Before you spend the money to have an appraisal, contact your lender and ask them what they will require to secure a home equity loan. All the best.
0 votes Thank Flag Link Sun Sep 12, 2010
Hi anonymous every housing market and individual home are different. If you know a local realtor, I suggest you ask him/her to do a CMA (Comprehensive Market Analysis) for you to see what other homes comparable to yours have sold for within the last 6 months. This would give you a fairly accurate gauge of what your home would be worth.
0 votes Thank Flag Link Fri Sep 10, 2010
The answer is cut and dry, every single day the market changes, yesterdays appraisal will be different from todays appraisal. The guy from company "A" appraisals will have a different value than company "B". That said, the market has changed dramtically in the past 2 years. The market controls the value, I dont care what they say, if they gal next door is worth 400k in 2008 it may be worth 290k today - If your looking to sell I would contact a realtor for a CMA - these are usually close to current appraisals and free of charge. But where your looking to refinance, the lender will be sending an appraiser anyway I assume. They will most likely not accept the older one simply becaus the resale value has changed.

Thats my opinion, I hope it helps.

Jamin Jones
0 votes Thank Flag Link Thu Sep 9, 2010
Not enough information to answer completely. If you purchased with low money down chances are there is no equity in your home to secure a HELOC. Maybe it would be worth contacting an agent first to get a rough idea of what your house is worth before paying for an appraisal.
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0 votes Thank Flag Link Thu Sep 9, 2010
An appraisal is standard in the process of securing a home equity loan
0 votes Thank Flag Link Tue Jun 15, 2010
Any lender worth thier salt will definetely have an appraisal done before giving anyone a home equity loan. Have it done along with obtaining the loan, and the lender will handle that..
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0 votes Thank Flag Link Wed Dec 19, 2007
That is definately not enough info to give you any valuable information. However what I do do is regularly call my appraiser and ask if they could do a comp check for me to determine a realistic number that a property is likely to appraise for. It is not a guarentee of the value but it lets me know if it is worth pursueing.

Any good loan officer is likely to have a similar relationship with an appraiser. Contact a loan officer you trust and see if they can ask an appraiser for an opinion of value.
0 votes Thank Flag Link Wed Dec 19, 2007
Jon, I want you to know that I never think it is a waste of my time to do a comp on a home that I will not get the listing for. I believe it is 'good business' to do one for what ever reason. Hopefully that person will be happy with my service and refer me to friends and relatives, one never knows!
0 votes Thank Flag Link Wed Dec 19, 2007
You really should speak with your lender on this one! Sometimes a line of credit can be done without an appraisal but it depends on many factors. You need to check the various programs your bank or lender provide. If you have owned the home for two years it is likely that you have not gathered much in the form of equity and appreciation so it would be best to find out what your lender thinks. And go from there.
0 votes Thank Flag Link Wed Dec 19, 2007
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