John from Riverside Posted July 27, 2005 Share Posted July 27, 2005 refinance..... I am doing a refinance with Citibank to get away from Citicorp and their horrible mortgage rates.....but in order to do that I am going to have to let them appraise my house...... When citi corp appraised my house I thought they really lowballed me on the value.......I was further convinced that that because when my credit union did the appraisal for my HELOC they didnt come out to the house just checked the surrounding value and it came out a great deal higher..... And that makes me nervous........ I mean....I did a lot of work around my house since that appraisal.....my back yard was all dirt....since then I put in a good size swimming pool and completely filled in the back in pavers........could that have made that much of a difference on my appraisal? Link to comment Share on other sites More sharing options...
USMCBillsFan Posted July 27, 2005 Share Posted July 27, 2005 Not sure about there but here in NC I found that unless it's a VA appraisal, the appraisers will give a value to your house that equals or exceeds the finance or refinance price. I'm not saying that they're crooked or not but.... I would hire my own appraiser to get an honest evaluation and compare it to what they give you. My understanding is that a pool MAY reduce the value of the home because they can be difficult to maintain and not all buyers will want them. Link to comment Share on other sites More sharing options...
tjwbills Posted July 27, 2005 Share Posted July 27, 2005 In my experience the answer is not really. Whats really going to matter is how much time has passed since your last appraisal, how hot or cold the market is, and how hot or cold your particular area or neighborhood is within that market. I recommend calling two local realtors and ask them to provide you with comps for your home. They will do this for you if they think you are considering selling your home. Request that a walkthrough appraisal be done by your bank(if you're not happy with what they come up with to begin with). Forward your appraisal comps to the bank and when the appraiser come to your home, hand he or she copies of your data as well and ask that they be considered. My experience has been that the value they come up with will be close to that of the realtor. Good luck Link to comment Share on other sites More sharing options...
aussiew Posted July 27, 2005 Share Posted July 27, 2005 Be careful. If you're not planning on re-selling soon, a lower appraisal can be your friend. Unless it affects your new mortgage loan. I refinanced two years ago and was all excited about my high appraisal (extra equity etc.) then I got my new property tax bill and homeowners insurance rates After all was done, I ended up only saving only $40 a month on my payments from re-financing. Link to comment Share on other sites More sharing options...
Frez Posted July 27, 2005 Share Posted July 27, 2005 Be careful. If you're not planning on re-selling soon, a lower appraisal can be your friend. Unless it affects your new mortgage loan. I refinanced two years ago and was all excited about my high appraisal (extra equity etc.) then I got my new property tax bill and homeowners insurance rates After all was done, I ended up only saving only $40 a month on my payments from re-financing. 391490[/snapback] An appraisal should not make your taxes go up, right? It's when the assessor comes and does an assessment on your house. That should happen every 3-5 years. Link to comment Share on other sites More sharing options...
plenzmd1 Posted July 27, 2005 Share Posted July 27, 2005 An appraisal should not make your taxes go up, right? It's when the assessor comes and does an assessment on your house. That should happen every 3-5 years. 391491[/snapback] Correct, except some localities ae going to more like 18 month assestments as the prices for homes keep skyrocketing Link to comment Share on other sites More sharing options...
John from Riverside Posted July 27, 2005 Author Share Posted July 27, 2005 I actually dont want my house value to go up on the appraisal....only match what the credit union got....... Link to comment Share on other sites More sharing options...
RunTheBall Posted July 27, 2005 Share Posted July 27, 2005 Housing assessment and appraisals are different. Housing assessment = basis for property taxes - Low is good. Housing appraisal = basis for mortgage loans - High is good. Your appraisal is private and does not affect your taxes. It's used by mortgage companies to determine things such as loan ratios and can affect your rates. It's usually more reflective of what your house will sell for in your particular market. I just refinanced and my appraisal is significantly higher than my assessment. RTB Link to comment Share on other sites More sharing options...
plenzmd1 Posted July 27, 2005 Share Posted July 27, 2005 Housing assessment and appraisals are different. Housing assessment = basis for property taxes - Low is good. Housing appraisal = basis for mortgage loans - High is good. Your appraisal is private and does not affect your taxes. It's used by mortgage companies to determine things such as loan ratios and can affect your rates. It's usually more reflective of what your house will sell for in your particular market. I just refinanced and my appraisal is significantly higher than my assessment. RTB 391537[/snapback] I would make one caveat to that. When my dad died last year, my brother was going to buy the house from the estate. We were giving to him at about $30,000 below comps, even though that was a fair price for the house. The lawyer said someone form either the state county or town would come to look as the assesment would be based on the sale price. Again, much diffreant than an appraisal , but just a heads up. BTW house was in Grand Island Link to comment Share on other sites More sharing options...
Frez Posted July 27, 2005 Share Posted July 27, 2005 Correct, except some localities ae going to more like 18 month assestments as the prices for homes keep skyrocketing 391498[/snapback] Mine was just done recently. The last time it was done was 10 years ago. Link to comment Share on other sites More sharing options...
Steven in MD Posted July 27, 2005 Share Posted July 27, 2005 A Refi appraisal is meaningless. As was stated, the only reason it is done is to make sure the loan amount to value meets the investor requirements for the resale of the mortgage after closing. Now, an appraisal from the city or taxing municipality is important, because you are taxed on it. Link to comment Share on other sites More sharing options...
John from Riverside Posted July 27, 2005 Author Share Posted July 27, 2005 Just how straightened up should I have my property for this appraisal? Link to comment Share on other sites More sharing options...
IDBillzFan Posted July 27, 2005 Share Posted July 27, 2005 An appraisal should not make your taxes go up, right? It's when the assessor comes and does an assessment on your house. That should happen every 3-5 years. 391491[/snapback] In California, it doesn't matter either way. Your property taxes can never go higher than 2% year over year, regardless of anything. It's just that simple. John, the ONLY reason your appraisal matters is so the bank realizes they're not giving you too much money for the house. That's all. As long as the appraisal amount is higher than the loan amount, don't worry about anything else. It would only matter if (1) you were selling the house, which you're not, and (2) if you were trying to get cash out or a home equity line of credit, in which case you can always ask for (and pay for) another assessment. Typically the drive by is lower than the actual visit, and that is become someone charges your bank $300 to do the assessment, and instead of doing their job, they drive by the house and pull neighboring comps. Link to comment Share on other sites More sharing options...
plenzmd1 Posted July 27, 2005 Share Posted July 27, 2005 Just how straightened up should I have my property for this appraisal? 391644[/snapback] Dude doesn't matter at all. These guys are professionals and a little clutter or grass that needs cutting are not relevant to them at all. Even holes in walls that are easily fixable are no big deal. They are looking at the lot, the square footage of the house, and maybe take a little off if your kitchen is all burnt orange formica countertops with matching 1970 appliances. Link to comment Share on other sites More sharing options...
IDBillzFan Posted July 27, 2005 Share Posted July 27, 2005 Dude doesn't matter at all. These guys are professionals and a little clutter or grass that needs cutting are not relevant to them at all. Even holes in walls that are easily fixable are no big deal. They are looking at the lot, the square footage of the house, and maybe take a little off if your kitchen is all burnt orange formica countertops with matching 1970 appliances. 391646[/snapback] I would, however, move the old fridge from the front yard, although in Hemet I believe they call that landscaping. Link to comment Share on other sites More sharing options...
plenzmd1 Posted July 27, 2005 Share Posted July 27, 2005 I would, however, move the old fridge from the front yard, although in Hemet I believe they call that landscaping. 391647[/snapback] Link to comment Share on other sites More sharing options...
John from Riverside Posted July 27, 2005 Author Share Posted July 27, 2005 ha ha ha.....very funny. See the wife is using this as an excuse to get my @ss out there and do some work around the house...... I cant win Link to comment Share on other sites More sharing options...
Hardy Pyle Posted July 27, 2005 Share Posted July 27, 2005 well, get off the board and do some work you lazy bastage. haha...just bustin your ballz. Go visit the hot neighbour, bring her around for the appraisal, a hot neighbour usually increases property value. Tell your wife that will do more for the appraisal than cleaning up. Link to comment Share on other sites More sharing options...
John from Riverside Posted July 27, 2005 Author Share Posted July 27, 2005 Hardy, The appraiser is a female..... you see....I CANT WIN.... But hey.....if I get the hot neighbor....and the appraiser ends up being hot......and then well....ahem...... Oh never mind......time for my fricken geritol Link to comment Share on other sites More sharing options...
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