Re: OT Need a little advice..

Posted by slim on January 31, 2008 at 06:00:12 from (155.76.119.253):

In Reply to: OT Need a little advice.. posted by caleb on January 30, 2008 at 23:31:36:

My advice is going to be somewhat different than those below. I would get another appraisal before first. I built a house about 7 years ago with a whole lot of equity. This was my 4th house and I plowed all my gains on previous houses into this one.

Over the past 7 years I have had 2 appraisals, one for the initial mortgage and one for a refinance. Both appriasals were for 80 to 85% of what I had put into the house and for what other houses in the neighborhood were selling for. The first appraiser didn't even come in the house. The second did but it was obvious he didn't know what he was doing. He couldn't even figure the square footage with a set of plans in his hands that I gave him. All they were interested in was making sure that the value of the loan was covered.

Since my loan was only for about 40% of what I could sell the house for they of course covered the loan value with a very conservative estimate.

What I'm saying is that the appraiser may be underestimating the true market value of your house.

slim

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