Property Q&A in 94580>Question Details

Helen S, Other/Just Looking in Bay area, ca

How do I refinance when house values keep going down? What will the appraisal be based on?

Asked by Helen S, Bay area, ca Fri Mar 20, 2009

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I understand that this is a pretty gloomy picture, but I can also assure you that this is not want anyone wants, including the past AND current administrations. Unfortunately, we live in a culture that operates on the laws of supply and demand economics and market prices fluctuate accordingly. It’s the dark side to our economic system, and there is no easy fix.

Let me know if you’d like me to do a CMA for your home to tell you exactly where you are. You can click through to my profile to contact me through Trulia.
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0 votes Thank Flag Link Fri Mar 20, 2009
Just curious if O admin is doing something about this. People who buy in the area in the last 3-4 years can't even refinance not because they can't afford it but they can't come up with the extra $. Is this what the Admin want?
0 votes Thank Flag Link Fri Mar 20, 2009

The appraisal will be based on comparable sales in the area oevr the past three months. If you have less equity in your home than you owe on your existing loans, you will not be able to refiance. You might want to check sooner than later - prices are still going down in your area.
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0 votes Thank Flag Link Fri Mar 20, 2009
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