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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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How to have house appraised?
Just got the letter from Chase that our house decreased in value a lot, and that we can no longer borrow against our HELOC. WE were not planning to anyway, but there is no way our house appraised at what CHASE says it does, especially with all of the recent home improvements and what the current sales in the area are. I want to appeal this and need an appraisel to do it? How do I have that done?
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Posted 5/19/08 12:01 PM  |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: How to have house appraised?
You need to find an appraiser to come out and appraise your home. you make an appt., they come out and then they provide you with a report (which includes comps in your area to support his report) which you then turn over to Chase. You can go the MLS site to get one or ask one of the realtors on here for a referral.
Just keep in mind that Chase may get their own appraiser and have them go out and appraise your home as well.
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| Posted 5/19/08 12:04 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: How to have house appraised?
Posted by MrsFlatbread
Just got the letter from Chase that our house decreased in value a lot, and that we can no longer borrow against our HELOC. WE were not planning to anyway, but there is no way our house appraised at what CHASE says it does, especially with all of the recent home improvements and what the current sales in the area are. I want to appeal this and need an appraisel to do it? How do I have that done?
I would just say the hell with you Chase and get an HELOC with another bank.
Why are you going to PAY to fight this with Chase? Especially since you really don't need the cash right now.
They obviously don't want your business so I would take your business elsewhere.
Bank Of America has a no fee, no closing cost HELOC program. They will send an appraiser I am sure to check out your house, but THEY should pay for it since it's a new account. Doesn't hurt to check it out. Don't tell them you had a previous HELOC with Chase and definitely don't tell them Chase removed it. Let BoA figure out what your house is worth.
http://www.bankofamerica.com/loansandhomes/index.cfm?template=lc_home_equity_loc
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| Posted 5/19/08 12:13 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: How to have house appraised?
Posted by ave1024
Posted by MrsFlatbread
Just got the letter from Chase that our house decreased in value a lot, and that we can no longer borrow against our HELOC. WE were not planning to anyway, but there is no way our house appraised at what CHASE says it does, especially with all of the recent home improvements and what the current sales in the area are. I want to appeal this and need an appraisel to do it? How do I have that done?
I would just say the hell with you Chase and get an HELOC with another bank.
Why are you going to PAY to fight this with Chase? Especially since you really don't need the cash right now.
They obviously don't want your business so I would take your business elsewhere.
Bank Of America has a no fee, no closing cost HELOC program. They will send an appraiser I am sure to check out your house, but THEY should pay for it since it's a new account. Doesn't hurt to check it out. Don't tell them you had a previous HELOC with Chase and definitely don't tell them Chase removed it. Let BoA figure out what your house is worth.
http://www.bankofamerica.com/loansandhomes/index.cfm?template=lc_home_equity_loc
How do I do this?
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| Posted 5/19/08 12:18 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: How to have house appraised?
Posted by MrsFlatbread
How do I do this?
I would first verify with Chase to see if the HELOC is officially closed because I don't think you can have more than one HELOC open at a time. Did they close it or just lowered or froze the account?
If Chase wants to close it, I would tell them to remove their name off your deed as a leinholder on the property ASAP.
Once it's closed, simply apply online with another bank.  The new bank will do a credit check and send an appraiser out there. They may even ask you what you feel the house is worth. Put whatever you want and let them decide.
Hope this helps.
And funny you mention this, I went online to my Chase account and my HELOC with them is showing as "unavailable". I think they are just having system problems right now because when I click it, it says system down due to maintenance.
I am actually hoping they close mine because I have been looking for a reason to fire them and go with another bank. 
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| Posted 5/19/08 12:24 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: How to have house appraised?
Also is your primary mortgage with Chase? If your primary mortgage is with chase then you don't need to get them off your deed as a lienholder since their name has to be there for the fixed mortgage.
In this case just verify the HELOC is closed and apply for a HELOC with another bank.
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| Posted 5/19/08 12:25 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: How to have house appraised?
Posted by ave1024
Also is your primary mortgage with Chase? If your primary mortgage is with chase then you don't need to get them off your deed as a lienholder since their name has to be there for the fixed mortgage.
In this case just verify the HELOC is closed and apply for a HELOC with another bank.
They did not close it, they froze it. Does this matter?
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| Posted 5/19/08 12:27 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: How to have house appraised?
Posted by MrsFlatbread
They did not close it, they froze it. Does this matter?
Yes it does matters in regards to being able to go elsewhere with your business.
They froze it because they want to keep you locked in to them at their convenience and keep their name on the deed. This prevents you from going elsewhere.
If this HELOC really means something to you, I would threaten them. Tell them either unfreeze it NOW or close it so you can take your business elsewhere.
These banks suck. You're welcome to get other opinions, but that's what I would do if Chase sent me the same letter.
It's so easy to get an HELOC, you should never pay anything (fees) to open one up.
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| Posted 5/19/08 12:32 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: How to have house appraised?
If they valued your home really low, I would take that appraisal number and go to the town to grieve my taxes. You could save hundreds, or thousands a year in taxes. If you aren't planning on using your HELOC, and you aren't planning on moving, it could be a good thing to have your house undervalued...
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| Posted 5/19/08 12:34 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: How to have house appraised?
Posted by GoldenRod
If they valued your home really low, I would take that appraisal number and go to the town to grieve my taxes. You could save hundreds, or thousands a year in taxes. If you aren't planning on using your HELOC, and you aren't planning on moving, it could be a good thing to have your house undervalued...
Yes...it was way low!!!! Good idea!
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| Posted 5/19/08 12:37 PM |
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hbugal
Lesigh
Member since 2/07 15928 total posts
Name:
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Re: How to have house appraised?
Posted by MrsFlatbread
Posted by GoldenRod
If they valued your home really low, I would take that appraisal number and go to the town to grieve my taxes. You could save hundreds, or thousands a year in taxes. If you aren't planning on using your HELOC, and you aren't planning on moving, it could be a good thing to have your house undervalued...
Yes...it was way low!!!! Good idea!
I dont know what town you are in but the grievance weeks are all in May (I believe) so if you want to do this you need to do it NOW or you have to wait til next year...Town Of Smithtown is this week...I use Mark Lewis for my tax grievance..Im on my third one with him..
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| Posted 5/19/08 12:42 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: How to have house appraised?
Posted by hbugal
Posted by MrsFlatbread
Posted by GoldenRod
If they valued your home really low, I would take that appraisal number and go to the town to grieve my taxes. You could save hundreds, or thousands a year in taxes. If you aren't planning on using your HELOC, and you aren't planning on moving, it could be a good thing to have your house undervalued...
Yes...it was way low!!!! Good idea!
I dont know what town you are in but the grievance weeks are all in May (I believe) so if you want to do this you need to do it NOW or you have to wait til next year...Town Of Smithtown is this week...I use Mark Lewis for my tax grievance..Im on my third one with him..
I am in smithtown as well. How much does it cost?
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| Posted 5/19/08 12:51 PM |
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hbugal
Lesigh
Member since 2/07 15928 total posts
Name:
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Re: How to have house appraised?
Posted by MrsFlatbread
Posted by hbugal
Posted by MrsFlatbread
Posted by GoldenRod
If they valued your home really low, I would take that appraisal number and go to the town to grieve my taxes. You could save hundreds, or thousands a year in taxes. If you aren't planning on using your HELOC, and you aren't planning on moving, it could be a good thing to have your house undervalued...
Yes...it was way low!!!! Good idea!
I dont know what town you are in but the grievance weeks are all in May (I believe) so if you want to do this you need to do it NOW or you have to wait til next year...Town Of Smithtown is this week...I use Mark Lewis for my tax grievance..Im on my third one with him..
I am in smithtown as well. How much does it cost?
If you have Mark Lewis do it you will owe him half of whatever he saves you..so if he get's you $1000 off your taxes you will owe him $500..you dont owe anything until the grievance is won..if he doesnt get a decrease you owe nothing...there are a couple of other nominal fees...
Im pretty sure the deadline is TOMORROW!!!!!! So call his office or stop by it's right on Middle Country Road in Centereach..if you dont get it in by tomorrow you will have to wait until next year.
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| Posted 5/19/08 7:50 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: How to have house appraised?
Posted by hbugal
Posted by MrsFlatbread
Posted by hbugal
Posted by MrsFlatbread
Posted by GoldenRod
If they valued your home really low, I would take that appraisal number and go to the town to grieve my taxes. You could save hundreds, or thousands a year in taxes. If you aren't planning on using your HELOC, and you aren't planning on moving, it could be a good thing to have your house undervalued...
Yes...it was way low!!!! Good idea!
I dont know what town you are in but the grievance weeks are all in May (I believe) so if you want to do this you need to do it NOW or you have to wait til next year...Town Of Smithtown is this week...I use Mark Lewis for my tax grievance..Im on my third one with him..
I am in smithtown as well. How much does it cost?
If you have Mark Lewis do it you will owe him half of whatever he saves you..so if he get's you $1000 off your taxes you will owe him $500..you dont owe anything until the grievance is won..if he doesnt get a decrease you owe nothing...there are a couple of other nominal fees...
Im pretty sure the deadline is TOMORROW!!!!!! So call his office or stop by it's right on Middle Country Road in Centereach..if you dont get it in by tomorrow you will have to wait until next year.
A coworker did his last week. He said there was no need to pay someone to do it for you. It's a pretty cut and dry process. You bring in the appraisal, and if they agree with it, they lower your taxes. My coworker did it himself, and saved $4k a year. It would have cost him $2k to have someone else hand the paperwork to the people at the office. He said the entire process took about an hour.
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| Posted 5/20/08 8:26 AM |
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twinkletoes807
Mommy's Girls! ♥
Member since 11/07 10116 total posts
Name:
Gabi
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Re: How to have house appraised?
Posted by ave1024
It's so easy to get an HELOC, you should never pay anything (fees) to open one up.
Can you please explain what a HELOC is! DH and I need to do some home renovations/small addition and I have to start researching our options. TIA! 
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| Posted 5/20/08 8:55 AM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: How to have house appraised?
Posted by twinkletoes807
Posted by ave1024
It's so easy to get an HELOC, you should never pay anything (fees) to open one up.
Can you please explain what a HELOC is! DH and I need to do some home renovations/small addition and I have to start researching our options. TIA!
Home
Equity
Line
Of
Credit
The bank essentially gives you a credit card, and it is backed with the equity in your home. Like with a credit card, there is an upper limit (determined by the bank), and you only pay for what you've borrowed. If you open a HELOC, but never use it, there is no recurring cost. If you use $10k, then you have to pay back the $10k (plus interest, of course).
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| Posted 5/20/08 9:23 AM |
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hbugal
Lesigh
Member since 2/07 15928 total posts
Name:
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Re: How to have house appraised?
Posted by GoldenRod
Posted by hbugal
Posted by MrsFlatbread
Posted by hbugal
Posted by MrsFlatbread
Posted by GoldenRod
If they valued your home really low, I would take that appraisal number and go to the town to grieve my taxes. You could save hundreds, or thousands a year in taxes. If you aren't planning on using your HELOC, and you aren't planning on moving, it could be a good thing to have your house undervalued...
Yes...it was way low!!!! Good idea!
I dont know what town you are in but the grievance weeks are all in May (I believe) so if you want to do this you need to do it NOW or you have to wait til next year...Town Of Smithtown is this week...I use Mark Lewis for my tax grievance..Im on my third one with him..
I am in smithtown as well. How much does it cost?
If you have Mark Lewis do it you will owe him half of whatever he saves you..so if he get's you $1000 off your taxes you will owe him $500..you dont owe anything until the grievance is won..if he doesnt get a decrease you owe nothing...there are a couple of other nominal fees...
Im pretty sure the deadline is TOMORROW!!!!!! So call his office or stop by it's right on Middle Country Road in Centereach..if you dont get it in by tomorrow you will have to wait until next year.
A coworker did his last week. He said there was no need to pay someone to do it for you. It's a pretty cut and dry process. You bring in the appraisal, and if they agree with it, they lower your taxes. My coworker did it himself, and saved $4k a year. It would have cost him $2k to have someone else hand the paperwork to the people at the office. He said the entire process took about an hour.
Honestly I dont agree especially when it comes to dealing with the Town Of Smithtown..they turn each one of them down...Long story short they had the market value of my home over 700k and taxes reflected that..I bought my home for OVER 300k less..had the sale and appraisal and they still turned me down. Had to go to court to get them to approve it...Town Of Smithtown turns them ALL down and makes them ALL go to court...and they still did nickel and dimed the process and my taxes are still too high...
A friend of a friend told me that they dont even look at them..and to me, b/c of my house, I totally believe that...trust me my house is SO not worth even close to 700K
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| Posted 5/20/08 10:14 AM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: How to have house appraised?
Message edited 1/30/2009 3:21:33 PM.
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| Posted 5/20/08 12:44 PM |
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hbugal
Lesigh
Member since 2/07 15928 total posts
Name:
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Re: How to have house appraised?
Posted by Kelly9904
Posted by hbugal
Honestly I dont agree especially when it comes to dealing with the Town Of Smithtown..they turn each one of them down
I dont know anything about grieving taxes but I will say that a friend grieved theirs without a lawyer in Smithtown and won. So they dont turn them all down....
They turn them all down at the initial grievance process..they make you do the court thing and leave the decision up to the judge..it's ridiculous...
stupid heads!!!!!
Have you ever watched the Smithtown Town Meetings on Channel 21 (or around there)??? It's hysterical
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| Posted 5/20/08 2:24 PM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: How to have house appraised?
Posted by hbugal
Have you ever watched the Smithtown Town Meetings on Channel 21 (or around there)??? It's hysterical
dh and I watch this when there is nothing on...so funny!!
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| Posted 5/20/08 2:35 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: How to have house appraised?
There is a poster on here who is an appraiser her name is -Lisa-
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| Posted 5/20/08 3:38 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: How to have house appraised?
my friend is an appraiser- he is in coram
FM me if you want his number
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| Posted 5/20/08 3:48 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: How to have house appraised?
Just to verify a few things said on earlier posts. they put a freeze on your HELOC so that you couldn't extend any more credit from it because they are now claiming your home doesn't have enough value to cover your first mortgage (if you have one) and your HELOC if you take the full amount. What you need to do if you want to cancel your HELOC is first if you owe them any money you will have to pay it off and then send them a letter stating that you would like your HELOC closed. They will issue a satisfaction if they recorded the HELOC which they should have and then it will be sent to you. Once it has been recorded then you will be able to go to another bank and request a HELOC.
If the reduction isn't going to affect your ability to do the renovations you want and it isn't a huge reduction I wouldnt go through the hassel unless it really bothers you. This practice is going on alot in the country. With the value of homes decreasing banks don't want so much exposure and if they believe houses are worth less they are putting freezes on them until they reduce them. That being said if you go to another bank and they do an appraisal they may still only give you the same amount Chase wants to reduce your HELOC to.
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| Posted 5/20/08 10:06 PM |
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