I live in Levittown Pa Magnolia hills section , my house was appraised 4 years ago at 225,000.I took out an

Asked by Bucksbowhunter, Levittown, PA Mon Aug 3, 2009

home equity loan at that time and put 70 in in windows siding roof windows and porch addition and now I am told a drive by appraisal came in at 175,000 is this possible . tThe appraisal was done both time by the same company( my credit union )

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Jen’s answer
Jen, , Newtown, PA
Tue Aug 4, 2009
The appraisal need adjusting.The property is usually appraised within a 3 mile radius and is based on comps and square footage. Is your square footage greater than the others? Call the appraiser and have a clarity
Good Luck
Jen Buschel Realtor
office:215-584-0769
0 votes
William Leigh…, , New Jersey
Tue Aug 4, 2009
Bucks... Unfortunately the market four years ago is different from the market today. If you did a four year "Rip van Winkle," you'd wonder if you were on the same planet. Not to fear, unless you are contemplating selling tomorrow. In a year or so, we'll level out, or at least I think so and hope so.

As a reality check, the stock market is up about twenty five percent since January. While home prices are not up in the same magnitude, hang in there.

Now, you understand that have also been whipsawed by the mortgage folks. Four years ago, they were desperate to get loans out and working. Money was just lying around to be used. Bang, the bubble burst. Now the results are that no money is available and housing prices are adjusted down.

Many lenders send out a guy to do a drive by every year or so. I do some myself for some of them. This is strictly an "in this neighborhood" kind of thing. No specific evaluation of anything that can't be seen from the street.


On the other hand, $70,0000 dollars of windows can shrink pretty fast; they’re four years old now and your neighbors all have some windows too. Maybe some of them are as nice as yours and some not, but they all keep out the rain and snow and perhaps a fly or two. Sorry, I don't have (never have had) a client that asked me to find a house with a $70,000 window installation. You get the point? They’re nice but selling them to a buyer may be difficult.

Lots of luck.

Bill Holt

Licensed in PA.
0 votes
Heather Ober…, Agent, Doylestown Township, PA
Mon Aug 3, 2009
Bucks, that sounds like a pretty low appraisal, especially if they did a drive-by and the exterior has been updated in the past 4 years. Did you receive a copy of the appraisal? If so, I would check the comps that they used, and perhaps ask for them to complete a full appraisal.
0 votes
Terrence Cha…, Home Owner, Allentown, PA
Mon Aug 3, 2009
Also, I can't say what you home is worth without knowing the specifics of your home. If you wish, I could run a market analysis for you. I will need either the details for your property and/or the address. Just email me.

Terrence Charest, e-Pro®
REALTOR®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
Office: 215.659.5250
Fax: 215.659.5550

http://www.HomesForFreedom.com
tcharest@HomesForFreedom.com
“Giving to Those Who Gave”
0 votes
Terrence Cha…, Home Owner, Allentown, PA
Mon Aug 3, 2009
They were correct. Unfortunately, if you refinanced the max amount or bought your home between 3 and 5 years ago, you probably owe more than what it's worth. So hang in there a few more years, fix things which need fixed, update things which needs updating (neither go overboard nor be cheap). I would think that the values will be back in in about five years. As long as you are in a home for a long term commitment, then you should come out ok.

Terrence Charest, e-Pro®
REALTOR®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
Office: 215.659.5250
Fax: 215.659.5550

http://www.HomesForFreedom.com
tcharest@HomesForFreedom.com
“Giving to Those Who Gave”
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