Following the collapse of the housing market, many people are left wondering what the value of their house is now, and if there is any equity left. Having been in the real estate industry for several years and seeing a variety of marketing conditions, I can tell you that nothing is more frustrating than losing a loan due to an appraisal.
Ready to refinance your mortgage? Here are some tips you to keep in mind when having the house appraised.
1. Don’t have an appraisal done until you find the lender you want to work with. Lenders as a rule do not accept appraisals that were ordered by other lenders. The appraisal has to be done by each lenders approved appraiser.
2. Make sure the comps (comparable sales) are really comps. If the house across the street is in a gated high rent neighborhood, it is not a comp; for your house anyway.
3. Lenders are only concerned with houses that have sold. Listed houses cannot be used for comps.
4. Remodeling your house? Don’t start unless you can finish. Most lenders will not lend if there is a project going on in the home, however small it is.
5. Off the power grid? If your home is heated only with a fireplace you will have troubles finding a lender who will do your loan unless all the homes in your neighborhood have the same heating method.
Those are just a few tips and hopefully it will save you headaches down the road.
Here's a good article on getting your home ready for sale.
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