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This may be a stupid question... but this is my first house.
Any tips on getting agood apprasial?
We orig bought in August and with the recent rate drops we are refinancing going from a 30 year fixed to a 15 year fixed and dropping our rate 1.8% with 0 Points.
I have a half bath downstairs that is in the process of renovation. I hung drywall on one wall and this weekend I will try to finish out the walls.
IIRC, most refinancing appraisals these days are pretty basic. I would be surprised if they even did a drive by. I don't think there is a whole lot you can do to affect it unless you want to overpay for some other houses in the neighborhood. ;-)
I thought so to... however my loan officer is stating that I will have to meet them and they will be doing a walkthrough (outside and inside) with me.
They also stated the bathrrom I have been renovating downstairs should have all the fixtures set up at a minimum. It is in drywall phase today.
Maybe its a new thing with the mortgage cruch these days?
Huh. Perhaps they are concerned that the fall in real estate prices has significantly reduced the LTV since the first loan?
...or its just better due diligence required by underwritters in todays environment.Quote:
Originally Posted by Titus
A street appraisal is so unreliable... so many factors inside the house can effect value.
Good thing is we have done some nice improvements to the inside of the house since we moved in. ::Banana:: Knowing my luck they have probably devalued the house.
Cam can vouch for the Toasted Coconut! ;)