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RainyDay
LIF Adult
Member since 6/15 3986 total posts
Name:
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Appraisal
Does the current market price of a home have any effect on what a home would appraise for? So if current home could potentially sell for 100K more than what it was purchased due to current market demand, will that also cause the appraisal value to increase?
Message edited 7/29/2021 9:05:40 AM.
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Posted 7/29/21 8:35 AM  |
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Sash
Peace
Member since 6/08 10312 total posts
Name:
fka LIW Smara
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Re: Appraisal
Yes it does, the appraiser takes into account the comps in the area.
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| Posted 7/29/21 8:36 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Appraisal
yes, however, an appraisal for a sale and an appraisal for a refinance are different, so it's not as if because you could sell for $100K more, your house is actually worth $100K more and that you can cash out on that value.
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| Posted 7/29/21 9:08 AM |
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: Appraisal
Posted by Deeluvsvinny
yes, however, an appraisal for a sale and an appraisal for a refinance are different, so it's not as if because you could sell for $100K more, your house is actually worth $100K more and that you can cash out on that value.
We were not looking to cash out when we refinanced last year however we were told banks were not allowing it anyway because of restrictions in place due to covid. Not sure if that has changed in the past year.
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| Posted 7/29/21 9:22 AM |
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LMichele
LIF Adolescent
Member since 6/11 573 total posts
Name:
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Appraisal
We just had our home appraised for a refinance and are asking them to reconsider the appraised value.
The comps the appraiser pulled were over 6 months ago, and we were told they should be 90-6 months old at most. They also said our value was lowered because our he estimated our home to sit on the market for 4-6 months minimum, which is unheard of in this real estate market right now. Our home is fully updated both inside and outside, and homes in our area aren't even making it a week on the market before they go into contract.
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| Posted 7/29/21 9:39 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Appraisal
Posted by lululu
Posted by Deeluvsvinny
yes, however, an appraisal for a sale and an appraisal for a refinance are different, so it's not as if because you could sell for $100K more, your house is actually worth $100K more and that you can cash out on that value.
We were not looking to cash out when we refinanced last year however we were told banks were not allowing it anyway because of restrictions in place due to covid. Not sure if that has changed in the past year.
Not sure why you were told that- I work for a mortgage lender and the amount of cash out refinances we did last year was absurd!
We are seeing refinance appraisals come in lower than we anticipate in a lot of instances. Appraisers are being weird right now.
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| Posted 7/29/21 9:56 AM |
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RainyDay
LIF Adult
Member since 6/15 3986 total posts
Name:
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Re: Appraisal
Posted by Deeluvsvinny
yes, however, an appraisal for a sale and an appraisal for a refinance are different, so it's not as if because you could sell for $100K more, your house is actually worth $100K more and that you can cash out on that value.
Definitely wasn't expecting it to appraise dollar for dollar based of market price.
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| Posted 7/29/21 9:56 AM |
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mommy2be716
LIF Adult
Member since 1/16 2921 total posts
Name:
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Re: Appraisal
Posted by Deeluvsvinny
Posted by lululu
Posted by Deeluvsvinny
yes, however, an appraisal for a sale and an appraisal for a refinance are different, so it's not as if because you could sell for $100K more, your house is actually worth $100K more and that you can cash out on that value.
We were not looking to cash out when we refinanced last year however we were told banks were not allowing it anyway because of restrictions in place due to covid. Not sure if that has changed in the past year.
Not sure why you were told that- I work for a mortgage lender and the amount of cash out refinances we did last year was absurd!
We are seeing refinance appraisals come in lower than we anticipate in a lot of instances. Appraisers are being weird right now.
tons of family members did cash out refi's last year. We did a traditional refi and shaved 5 years off our loan and are paying the same!
Message edited 7/29/2021 10:28:08 AM.
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| Posted 7/29/21 10:27 AM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Appraisal
Sorry to piggy back in your post but What are appraisals looking for?
Like my basement is full of crap right now. Should I be decluttering that and other stuff in my house ? (We plan on doing now but I wanted to wait till after the refinance was done and when we start working on the house improvements)
Do you window treatments matter like if I have really old shades rather than updated modern ones?
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| Posted 7/29/21 12:34 PM |
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KarenK122
The Journey is the Destination
Member since 5/05 4430 total posts
Name:
Karen
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Re: Appraisal
Posted by Deeluvsvinny
Posted by lululu
Posted by Deeluvsvinny
yes, however, an appraisal for a sale and an appraisal for a refinance are different, so it's not as if because you could sell for $100K more, your house is actually worth $100K more and that you can cash out on that value.
We were not looking to cash out when we refinanced last year however we were told banks were not allowing it anyway because of restrictions in place due to covid. Not sure if that has changed in the past year.
Not sure why you were told that- I work for a mortgage lender and the amount of cash out refinances we did last year was absurd!
We are seeing refinance appraisals come in lower than we anticipate in a lot of instances. Appraisers are being weird right now.
We are in the middle of a refinance right now. We cancelled our first one because the appraisal came in 100,000 less than was was expected. The appraiser was using year old comps for houses not comparable. I put in a complaint and sent over all the latest comps for the last three months and they declined it. We are now with a new lender and just had another appraisal today. We'll see what happens. It is really ****** that they are not appraising correctly.
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| Posted 7/29/21 8:04 PM |
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: Appraisal
Posted by Deeluvsvinny
Posted by lululu
Posted by Deeluvsvinny
yes, however, an appraisal for a sale and an appraisal for a refinance are different, so it's not as if because you could sell for $100K more, your house is actually worth $100K more and that you can cash out on that value.
We were not looking to cash out when we refinanced last year however we were told banks were not allowing it anyway because of restrictions in place due to covid. Not sure if that has changed in the past year.
Not sure why you were told that- I work for a mortgage lender and the amount of cash out refinances we did last year was absurd!
We are seeing refinance appraisals come in lower than we anticipate in a lot of instances. Appraisers are being weird right now.
Hmmm. I don’t know. We were using Wells Fargo. Like I said it didn’t matter because we didn’t want to donut but they said we couldn’t anyway. Our mortgage is only about 1/10th of our home value so we clearly have equity.
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| Posted 7/29/21 8:45 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Appraisal
Posted by KarenK122
Posted by Deeluvsvinny
Posted by lululu
Posted by Deeluvsvinny
yes, however, an appraisal for a sale and an appraisal for a refinance are different, so it's not as if because you could sell for $100K more, your house is actually worth $100K more and that you can cash out on that value.
We were not looking to cash out when we refinanced last year however we were told banks were not allowing it anyway because of restrictions in place due to covid. Not sure if that has changed in the past year.
Not sure why you were told that- I work for a mortgage lender and the amount of cash out refinances we did last year was absurd!
We are seeing refinance appraisals come in lower than we anticipate in a lot of instances. Appraisers are being weird right now.
We are in the middle of a refinance right now. We cancelled our first one because the appraisal came in 100,000 less than was was expected. The appraiser was using year old comps for houses not comparable. I put in a complaint and sent over all the latest comps for the last three months and they declined it. We are now with a new lender and just had another appraisal today. We'll see what happens. It is really ****** that they are not appraising correctly.
it is beyond strange to me that appraisals have been coming in low. like, really low! Last year, they were all coming in high. I think it's a few things- appraisers are so overworked, they aren't taking new orders and then they assign them to people not familiar with the area. I'm also wondering if comps are not being updated as they sell/appraise- because I keep hearing of old/non-similar comps being used, when perfectly good comps could be.
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| Posted 7/30/21 8:29 AM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Appraisal
Posted by lululu
Posted by Deeluvsvinny
Posted by lululu
Posted by Deeluvsvinny
yes, however, an appraisal for a sale and an appraisal for a refinance are different, so it's not as if because you could sell for $100K more, your house is actually worth $100K more and that you can cash out on that value.
We were not looking to cash out when we refinanced last year however we were told banks were not allowing it anyway because of restrictions in place due to covid. Not sure if that has changed in the past year.
Not sure why you were told that- I work for a mortgage lender and the amount of cash out refinances we did last year was absurd!
We are seeing refinance appraisals come in lower than we anticipate in a lot of instances. Appraisers are being weird right now.
Hmmm. I don’t know. We were using Wells Fargo. Like I said it didn’t matter because we didn’t want to donut but they said we couldn’t anyway. Our mortgage is only about 1/10th of our home value so we clearly have equity.
The bigger banks like Wells Fargo, BOA, Chase actually stopped doing certain types of loans for a while because they just could not handle the volume. They likely chose to focus on purchases and rate/term refinances- as purchases make more money and r/t are easier and faster to get done. Probably smart on their end- we did every loan that came our way and we just didn't have the staff to handle it- last year was ROUGH.
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| Posted 7/30/21 8:32 AM |
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KarenK122
The Journey is the Destination
Member since 5/05 4430 total posts
Name:
Karen
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Re: Appraisal
Posted by Deeluvsvinny
Posted by KarenK122
Posted by Deeluvsvinny
Posted by lululu
Posted by Deeluvsvinny
yes, however, an appraisal for a sale and an appraisal for a refinance are different, so it's not as if because you could sell for $100K more, your house is actually worth $100K more and that you can cash out on that value.
We were not looking to cash out when we refinanced last year however we were told banks were not allowing it anyway because of restrictions in place due to covid. Not sure if that has changed in the past year.
Not sure why you were told that- I work for a mortgage lender and the amount of cash out refinances we did last year was absurd!
We are seeing refinance appraisals come in lower than we anticipate in a lot of instances. Appraisers are being weird right now.
We are in the middle of a refinance right now. We cancelled our first one because the appraisal came in 100,000 less than was was expected. The appraiser was using year old comps for houses not comparable. I put in a complaint and sent over all the latest comps for the last three months and they declined it. We are now with a new lender and just had another appraisal today. We'll see what happens. It is really ****** that they are not appraising correctly.
it is beyond strange to me that appraisals have been coming in low. like, really low! Last year, they were all coming in high. I think it's a few things- appraisers are so overworked, they aren't taking new orders and then they assign them to people not familiar with the area. I'm also wondering if comps are not being updated as they sell/appraise- because I keep hearing of old/non-similar comps being used, when perfectly good comps could be.
I just got my new appraisal today and it was $85,000 more than the first one. Obviously we are happy with that but the difference is staggering.
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| Posted 7/30/21 10:02 PM |
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