Skint, Home Buyer in California

what to do if the appraise value has no equity?

Asked by Skint, California Fri Feb 13, 2009

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2
Tina Lam, Agent, San Jose, CA
Thu Dec 20, 2012
Appraised value has no relationship to equity. It's only an opinion.

Equity is the residual after determining the true, arms-length market price of a property minus any debt. You can only find that out from market bids. Appraisals are merely for lender's comfort and have little bearing on market prices.

If you really have no equity, you can always pay down the debt faster to regain equity. Or, you can consider a default option.
Web Reference:  http://www.archershomes.com
1 vote
Alan Glasband, Agent, Torrance, CA
Fri Aug 9, 2013
That depends on if you're selling your home or trying to do a refi. Which are you doing?
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