Financing in Schenectady>Question Details

Carl, Other/Just Looking in 12205

I tied to refinance my sch'd home (in so Colonie - Alb Co Schools) -- Appraiser comes up with $74/ sf?

Asked by Carl, 12205 Fri Feb 19, 2010

I reside in Stanford Hts area of (postal address Sch'dy) - So Colonie Schools & Alb Co Tax -- it's a 3/1 (bonus build in upstrs w/ 2 more, but can't count due to height (WYSIWYG?), insulated & heated 1 car gar, pvt 8,000 sf lot mature landscaping, 1615 sf w/ new roof (AUG 09), new central a/c (added) & nat gas 97% HEE furnace (Oct 2009), fireplace added a carport & shed, etc., and much more (loads of elbow grease) -- I'm trying to refinance this beast to get down on a 15YR w/ fixed rate to position self for payoff - The appraiser comes in last week at $74/ sf !?! Assessment is $155k (colonie @ 70% to value??), full replacement cost per insurance company is $229k -- Am I just caught up in a time where there were a few too many low ball sales on record here - or wtf? Trulia is providing sales reports for crap that doesn't count like SEPTEMBER OF LAST YEAR!?!?? I know things have changed since then -- but $74/ sf??

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PSS> For your reading enjoyment I sold a 3/1 property at ~800 sf, ~7500sf lot size , no garage, no fireplace, no carport, newer (4 yr old) boiler w/ no central ac,. older roof (10 years+), newer kitch & bath,. for $155k - closing on Nov 30 2009. was in 12205 zip, right down the street (maybe 4-5 miles driving) in Maywood area..
0 votes Thank Flag Link Fri Feb 19, 2010
PS & UPDATE >>> I bought under (Nov 2008) with contract stipulation that the property be valued at no less than 80% to value (and purchased it for $125k in dire need of roof, had an old oil hot air furnace, it had a open trench in the basement slab (since repaired), even the interior paint was extremely bad + landscaping looked like Jurassic Park, etc., etc., etc.. Back then listings (and sales) were showing value of $209-229 range last wek appraisal was $140k. . Trulia (today) shows: BRICK RANCH HOME, 3 beds, 1 bath, and approximately 1,612 square feet. UPDATE: The property has a lot size of 14,810 square feet and was built in 1957... I can see taking a 40k hit from 200, but not 60k - any ideas of how to proceed here?
0 votes Thank Flag Link Fri Feb 19, 2010
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