Financing in 17847>Question Details

Amy, Other/Just Looking in 17847

I'm so upset right now. I put about 65,000 into my home 3 years ago.

Asked by Amy, 17847 Fri Mar 21, 2008

I had an appraisal maybe a little over a year back, I want to refinance because I'm paying 940 a month on a 65,000 loean at 12.25% interest. I just had an appraisal done and it only came in at 50,000. I even had some more improvements recently done. Please help.

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I have to agree with David. There is a misconception that money in means money out. Many homeowners put in $80,000 kitchens, and then are dismayed that home's value only went up $20k. My second guess is to get your own appraiser to look at the property. The bank may be skittish about the value of your home since it is considered a smaller loan, and if they can keep you at 12.25% they are rolling in the profit. Talk to a new bank!
0 votes Thank Flag Link Tue Mar 25, 2008
With the very limited information you provided about the property, it would be very difficult to provide an answer that may help. Generally speaking, improvements to a property do not increase the value dollar for dollar. The value (increase or decrease in some cases) of an improvement, addition, added feature, upgrade, remodel, etc mostly depends on the contribution it makes to the overall property and what is acceptable within the specific market area of the property.
0 votes Thank Flag Link Fri Mar 21, 2008
That's happening in a lot of places. As the others advise, just sit tight. (What sort of property is only worth $50,000, and you paid 12.25% interest on a loan? Just curious.) What you might want to do is look at the appraisal and make sure it's accurate. Are the comps really comparable? Is the description of your home accurate? Maybe it's worth more than $50,000.

Good luck.
0 votes Thank Flag Link Fri Mar 21, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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I agree that it would nt be a good time to sell the home, but you can hold on for a litle while and then do a stream line refinance, that shoud help.
0 votes Thank Flag Link Fri Mar 21, 2008
As long as you like the house, no need to be upset.
If you are trying to flip, I understand your dilema.
Not a good time to try to sell a house.

anyways

good luck
0 votes Thank Flag Link Fri Mar 21, 2008
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