Foreclosure in Norristown>Question Details

Rebecca, Both Buyer and Seller in Jeffersonville, PA

I am in zipcode 19403, but still close to norristown, what avg will my appraiser give to my home equity loan??

Asked by Rebecca, Jeffersonville, PA Mon Jun 18, 2007

I have applied for a home equity loan today and the adjuster will give an avg based on my area, how do they configure the worth?

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Answers

5
The appraiser will run a search of properties similar to yours that have settled in the last 6 months. The area they pull comps from will be your township. So if, for instance, you live in West Norriton the appraiser will choose comps from W. Norriton and not for the Boro of Norristown. This way they compare apples to apples.

Once comps are chosen, the appraiser will look closer and compare your home to each one individually. They may all be 3 bedroom ranch homes but the value changes with the smaller differences. You may live on a quiet side street and have an extra bath making yours more valuable than the home on Main St. with one bath. The appraiser adds or subtracts value from the sales price of the home being compared and, when all the adjustments are made, averages the adjusted prices to get a final figure.

If you have any other questions, feel free to email me. I am a REALTOR in Collegeville and am familiar with the area.

Carolyn

Donna Saylor & Carolyn Mitchell
The Power of TWO!

GMAC Real Estate/ Premier Network
610-409-2900
3 votes Thank Flag Link Fri Jun 22, 2007
Rebecca,

STOP!!!! The best home equity loan is done with a NEW FULL APPRAISAL. In most cases the bank/lender will even pay for it and ALL OTHER COSTS.

Please call me or email through my website for a NO COST CONSULTATION.
2 votes Thank Flag Link Sat Jun 23, 2007
There is no "Average". And a ZIP Code is not always a huge factor (unless you live in Malibu or Beverly Hills). Many times, 1 zip code may span over 2 different school districts or even different townships. Appraisers are licensed and go through many hours of training as an apprentice. They have specific guidelines and formulas on how to calculate a properties Value. They also have 2 or 3 different approaches to how the property is valued based on it's use. For Example, Is this an Owner Occupied home or a duplex or investment property. Totally different formulas. One of your quickest and cheapest ways to get a Fair Market Value (which should be very close to what an appraiser would come up with) is to contact a REALTOR who could provide you with a "CMA" [ Comparative Market Analysis ] . Lenders typically won't use a CMA but it is a very good starting point. Feel free to contact me if I can help you.
1 vote Thank Flag Link Tue Jul 17, 2007
Rebecca,
All the answers given above are right on the money! I live in Regents Park, off Trooper so am very familiar with wjat is happening in our area.
The appraiser should not pull comps from 19401, so those prices should not affect you valuation. With the variety of price ranges in 19403 and like one of my collegues mentioned the wide area covered by 19403, the two school districts, the three townships amd more... It would be worth the price of a free phone call to talk to an experienced LOCAL agent to go deeper into details.
Web Reference: http://billcavanaugh.com
0 votes Thank Flag Link Tue Feb 8, 2011
The appraiser will compare properties similar to yours.They will consider first the properties similar in 1 mille radio if they do not find them they will go further 2,3 ,4 even 5 milles also depents on the lender .if they do not find comparables they have other 2 systems they can used to satisfy the value of your property to the lender.The appraiser will consider how close and to what part of Norristown your house is located.Consider the conditions of your house,improvement that you have been made,size of your leaving area,size of your lot ,if your house is on the corner,what kind of roof your house has,what kind of outside walls it has (brick,stucco, asbestos).If your house has a basement,what kind of heater your house has,air conditioning etc.to make his/her analisys to come out with the best price posible to give the report to the lender .Remenber that value is an opinion of the appraiser. it could be 5 or 10 thousands dollar different from one to another.Now that lenders nationwide are trying to blame appraiser that they did not do a good job because millions of people nationwide are beeing late on their mortgage and other going to foreclosure.I will advise to mention them in the nicest way all your goodies to get the highest price possible.
Pd:I now that you are refinance but if in the future or any friend and family has a question about Real estate do not hesitate to contact me.
Carlos Leon
Realtor ABR,ASR,RECS
215-8729228
http://www.pahousesonline.com
http://www.pacasasonline.com
0 votes Thank Flag Link Wed Jul 4, 2007
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