John M. Lorms

It's all in the Appraisal, and how much "skin" (money, down pmt. equity) you had in the game from the beginning. For those that purchased their homes from 2006 to now, you better have put down 20% or more. For those that put down 10% or less, I hate to say it, but they probably shouldn't even bother. They'll most likely have wasted their money on an appraisal, and be discouraged about the value of their home. The LTV just isn't there any more. In almost all cases, the Appraiser is doing a thorough walk thru. No more "Drive By Appraisals". Comps have gone from Sales in the last six months to Sales in the last three to four. Since there have been few sales, it becomes really hard. During the Re-fi boom, appraisers could justify almost anything. Now, they are held to much tighter guidelines. If you are going to try, I agree with some of the other comments. Make sure your home is IMMACULATE! If you have a floor plan, that's great. You almost have to treat the Appraiser like a prospective buyer. Be ready. - Tue Feb 3 2009, 19:04