Brandy, Home Buyer in Erie, PA

if a home is two grand shy of the needed appraisal value can paint, flooring and rehab bring the value up?

Asked by Brandy, Erie, PA Wed Mar 30, 2011

I am trying to buy a home through usda, the home must be worth seventy percent of the total value and the land no more than 30 percent. the home was appraised a few years ago at 47 thousand we need it to be atleast 49 thousand. if we put new flooring in, paint and clean up the home and the yard can this bring the value up? when the home was appraised before the homeowner was a hoarder and the house was very dirty and cluttered, now it is clean, bright and open. and looks well maintained will this make the value increase?

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There is a lot more to it too, remember the market has been down. I would recommend contacting a local agent or Realtor to show you comps, do a complete CMA. See where you are at, if not, you can also pay for an apprasial to be done but if you are going to do that, might as well do it through your lender to see if you can meet apprasial value.
The market has been down, if you don't meet it now, in time, if or when the market stops falling and starts to increase (could be awhile from now) on average 4-5% equity is or was considered average before the big boom we had.
Best of luck.
1 vote Thank Flag Link Thu Mar 31, 2011
ask your agent to do a comp for the house. You may be surprised if it has been changed quite a bit from a few years ago.
0 votes Thank Flag Link Wed Mar 30, 2011
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