Home Buying in Lawnside>Question Details

floydterrell…, Home Buyer in Lawnside, NJ

How do i find out what the equity is in a house..Refinanced in 2009 for $101,200.. Bought in 2002 for 89,900

Asked by floydterrell826, Lawnside, NJ Mon Jun 17, 2013

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for a $75 fee, I can drive by the property and email you my opinion of the value in a written report called a Broker Price Opinion. Then you can deduct what you owe on the house and that's your "equity" I can do this for any house in the area, it doesn't have to be yours.

Good luck
Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
Meet: http://www.facebook.com/JoeMontenigroREMAX
About Joe: http://hometeamnj.com/about/

NOTE: I don't monitor these forums, so email me directly if you need me.
0 votes Thank Flag Link Mon Jun 17, 2013
The formula for determining equity is:

Equity=Current fair market value-loans on the property.

So, to determine your equity, you need to know what your house is currently worth. Let's say it's worth $150,000. And maybe you now owe $100,000. Your equity would be $50,000. However, recognize that if you sell, some of that will go for the real estate commission.

Hope that helps.
0 votes Thank Flag Link Mon Jun 17, 2013
Don Tepper, Real Estate Pro in Burke, VA
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