I need a refi loan and need info on appraisal trends in Reading 19608 area. Can't find any comps! Help?

Asked by Aimee Shober, Sinking Spring, PA Tue Jan 6, 2009

My home is in Reading 19608. Originally we paid $390K and it appraised at $393,600 (April of '06). We did lots of improvements (macadam driveway, custom curtains, countertops, laminate wood flooring, wallpaper, landscaping) and need it to appraise at $394K in order to get a cash-out refi loan to build a horse barn. House is only 3,936 sq. ft. and in good condition...do we have a chance in this market?

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Amie Holt, , Temple, PA
Fri Jan 9, 2009
There are a lot of things to be considered in doing a CMA and what the banks appraiser would need to consider. You really should have an agent that has experience in your area visit your home and see all that it has to offer. That will enable an agent to complete an acurate CMA. That will give you a good idea of what your home could be worth in today's market. You should also shop for your loan. Just because you have a mortgage with one bank doesn't mean you need to stay with that bank for your refi. There are a few lenders out there who are offering really great refi programs right now as well. I hope your plans work out for you and you get to build that horse barn. I am in the process of purchasing a horse as I have always dreamed of. I will need to board for a while until I can accomidate my horse(s).
If you have any other questions or further help please feel free to contact me. You can email me as well at aholt@c21callfirst.com.
Best wishes.
1 vote
Scott Godzyk, Agent, Manchester, NH
Tue Jan 6, 2009
Aimee the lender will hire an independant apprasier, You can offer them some comps to make their job easier however most will search for their own comps and may not use yours unless yours are the best. They will look for homes that have sold in the last 6 months in a similar area, style, size, age and condition. Homes on average have fallen 20% in the last year alone in most areas so you may have a hard time getting your value. The idea of calling the buyer agent who assisted you with your sale is a good idea, they will be able to pull some comps for you as well. good luck with your refinance
Web Reference:  http://www.ScottSellsNH.com
1 vote
Tina D'Amato, Agent, Sciota, PA
Tue Jan 6, 2009
Hi Aimee,

You would need a local Realtor, or maybe the Realtor who sold you your home to do comps on your home to let you know what the appox. value of it would be. (Ask for a CMA).

This will give you an idea if your home will appraise at the 394,000.00 you need.
1 vote
Valerie Mack…, Agent, Wyomissing, PA
Tue Jan 6, 2009

Unfortunately, an appraisal in 2006 is meaningless in today's market - since you're looking to refinance, I would sit down with your mortgage company or bank (whoever you are going to use for refinancing) and ask them whether the house qualifies, since your lender will probably not accept an appraisal done by anyone other than the appraiser they choose, and will charge you for an appraisal fee and a second appraisal to be done even if you get your own done first to see if the house appraises.

If you just want a general idea (i.e., a Comparative Market Analysis of the house) giving you a basic idea of current comparable sales in your neighborhood, your best bet is to call a local realtor and ask them. They can give you a rough idea - but only the lender's appraisal will count.

Good luck!
1 vote
Dp2, , Virginia
Fri Jan 9, 2009
Although a CMA might help you to get a ball-park figure, you really should get an appraisal to determine the current market value of your home (which probably will not be $394K--especially in this market).
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