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Home assessment, I need advice (1 Viewer)

prosopis

prosopis

Arizona Chupacabra
I am looking to refinance my home. I went to the home loan place and it makes sense to refinance. I am currently at 6.8% and I can cut that in about half. This would mean lower payments and it would be a 15 year mortgage.

However they need to do a home assessment which costs over $400.00. I would recoup that $400.00 if the home comes in at the right number and I can refinance. If the home does not come in at the right number I do not refinance and I am out $400.00. That would really hurt. I am left wondering if I should take the gamble and get the assessment.

How accurate is Zilla and sites like that?

Zilla has my home falling $15,000.00 short of the number I need.

* Manufactured home and yes I went white trash and built a porch on the front of it. :bowtie:

I see the median home prices in my zip code would meet the number I need. However in my neighborhood they do not.

 
prosopis said:
I am looking to refinance my home. I went to the home loan place and it makes sense to refinance. I am currently at 6.8% and I can cut that in about half. This would mean lower payments and it would be a 15 year mortgage.

However they need to do a home assessment which costs over $400.00. I would recoup that $400.00 if the home comes in at the right number and I can refinance. If the home does not come in at the right number I do not refinance and I am out $400.00. That would really hurt. I am left wondering if I should take the gamble and get the assessment.

How accurate is Zilla and sites like that?

Zilla has my home falling $15,000.00 short of the number I need.

* Manufactured home and yes I went white trash and built a porch on the front of it. :bowtie:

I see the median home prices in my zip code would meet the number I need. However in my neighborhood they do not.
Click to expand...
Any real estate agents you know that would be able to give you sold comps in the neighborhood?

But short answer is yes. The $400 is well worth the risk imo.

 
Just make sure the appraiser knows the number you need it to be. And the bank. Let them know you won't do the refi if the appraisal doesn't come in at your number.

 
whoknew said:
Just make sure the appraiser knows the number you need it to be. And the bank. Let them know you won't do the refi if the appraisal doesn't come in at your number.
Click to expand...
The guy I met with knows I wont refi if I dont get the number I need, which is why I am hesitant to do the assessment. He did not give me any indication that I would get the number I need.

I jokingly asked if the appraiser would accept a bribe. That went no where. :bag:

 
prosopis said:
whoknew said:
Just make sure the appraiser knows the number you need it to be. And the bank. Let them know you won't do the refi if the appraisal doesn't come in at your number.
Click to expand...
The guy I met with knows I wont refi if I dont get the number I need, which is why I am hesitant to do the assessment. He did not give me any indication that I would get the number I need.

I jokingly asked if the appraiser would accept a bribe. That went no where. :bag:
Click to expand...
Find another appraiser.

I'm not saying bribe him, but I would find one that knows exactly what you need and thinks he can get there. There are enough appraisers out there - someone will likely come up to your number (assuming its in the reasonableness realm).

 
whoknew said:
prosopis said:
whoknew said:
Just make sure the appraiser knows the number you need it to be. And the bank. Let them know you won't do the refi if the appraisal doesn't come in at your number.
Click to expand...
The guy I met with knows I wont refi if I dont get the number I need, which is why I am hesitant to do the assessment. He did not give me any indication that I would get the number I need.

I jokingly asked if the appraiser would accept a bribe. That went no where. :bag:
Click to expand...
Find another appraiser.

I'm not saying bribe him, but I would find one that knows exactly what you need and thinks he can get there. There are enough appraisers out there - someone will likely come up to your number (assuming its in the reasonableness realm).
Click to expand...
Don't the financing companies or banks or whatever usually want to use an appraiser they choose?

 
whoknew said:
prosopis said:
whoknew said:
Just make sure the appraiser knows the number you need it to be. And the bank. Let them know you won't do the refi if the appraisal doesn't come in at your number.
Click to expand...
The guy I met with knows I wont refi if I dont get the number I need, which is why I am hesitant to do the assessment. He did not give me any indication that I would get the number I need.

I jokingly asked if the appraiser would accept a bribe. That went no where. :bag:
Click to expand...
Find another appraiser.

I'm not saying bribe him, but I would find one that knows exactly what you need and thinks he can get there. There are enough appraisers out there - someone will likely come up to your number (assuming its in the reasonableness realm).
Click to expand...
1st) You as the borrower do not choose your appraiser

2nd) The bank doesn't either-they use appraisal management companies

3rd) Appraisers don't target values and do not work for you as the borrower. We are hired to determine if the bank is making a sound lending decision in the event that you do not pay your mortgage.

I'm an appraiser and would never accept an assignment based on a predetermined target value. This type of thinking went a long way in the debacle we're just getting out of now.

 
nugs is 100% correct.

Prosopis - best bet is to either ask a RE agent for recently sold comps or go to the county clerks office and pull them yourself.

 
Numb probably offers the best advice. Ask a local realtor for a CMA on your property in the event that you want to list it with him/her. They typically won't charge anything for this service and will provide MLS data for your review. Of course an appraisal is just an opinion but it should give you a ballpark. If you like the CMA, provide that information to the appraiser to consider in the report.

 
On Land or park?

If land, a real estate agent might be able to give you an indication if you have a shot at your number. Ask them for sold comps with manufactured home on land. Also, it might be possible to determine what the land & home package is worth by piecing everything together... value of home alone in current condition, value of land, actual value of improvements to the land in current condition(well, septic, basement/foundation, deck, etc.).

If park, the office can usually help to indicate what values are because they are often times involved in sales.

Who is "the home loan place"? Many are legit and a few live on getting people to pay for fees up front. An appraisal

is typically done and paid for by the home borrower. I've never heard of a lending institution asking for borrower to pay for an "assessment" on real property.

 
Rattle and Hum said:
On Land or park?

If land, a real estate agent might be able to give you an indication if you have a shot at your number. Ask them for sold comps with manufactured home on land. Also, it might be possible to determine what the land & home package is worth by piecing everything together... value of home alone in current condition, value of land, actual value of improvements to the land in current condition(well, septic, basement/foundation, deck, etc.).

If park, the office can usually help to indicate what values are because they are often times involved in sales.

Who is "the home loan place"? Many are legit and a few live on getting people to pay for fees up front. An appraisal

is typically done and paid for by the home borrower. I've never heard of a lending institution asking for borrower to pay for an "assessment" on real property.
Click to expand...
The fee (amount or who pays) for the appraisal is not relevant to who orders the appraisal. It is NOT ordered by the borrower and will not be accepted by your lending institution. I cannot stress enough DO NOT PAY for an appraisal and then bring it into your bank unless you want to pay for multiple appraisals. We're not in 2004 anymore. I would 100% check with your local bank before paying for anything on your own. Just a heads up.

It is quite common for the lending institution to order the appraisal through an appraisal management company but the borrower pays for the appraisal.

 
Last edited by a moderator:
got_nugs said:
Rattle and Hum said:
On Land or park?

If land, a real estate agent might be able to give you an indication if you have a shot at your number. Ask them for sold comps with manufactured home on land. Also, it might be possible to determine what the land & home package is worth by piecing everything together... value of home alone in current condition, value of land, actual value of improvements to the land in current condition(well, septic, basement/foundation, deck, etc.).

If park, the office can usually help to indicate what values are because they are often times involved in sales.

Who is "the home loan place"? Many are legit and a few live on getting people to pay for fees up front. An appraisal

is typically done and paid for by the home borrower. I've never heard of a lending institution asking for borrower to pay for an "assessment" on real property.
Click to expand...
The fee (amount or who pays) for the appraisal is not relevant to who orders the appraisal. It is NOT ordered by the borrower and will not be accepted by your lending institution. I cannot stress enough DO NOT PAY for an appraisal and then bring it into your bank unless you want to pay for multiple appraisals. We're not in 2004 anymore. I would 100% check with your local bank before paying for anything on your own. Just a heads up.

It is quite common for the lending institution to order the appraisal through an appraisal management company but the borrower pays for the appraisal.
Click to expand...
:goodposting:

 
got_nugs said:
whoknew said:
prosopis said:
whoknew said:
Just make sure the appraiser knows the number you need it to be. And the bank. Let them know you won't do the refi if the appraisal doesn't come in at your number.
Click to expand...
The guy I met with knows I wont refi if I dont get the number I need, which is why I am hesitant to do the assessment. He did not give me any indication that I would get the number I need.

I jokingly asked if the appraiser would accept a bribe. That went no where. :bag:
Click to expand...
Find another appraiser.

I'm not saying bribe him, but I would find one that knows exactly what you need and thinks he can get there. There are enough appraisers out there - someone will likely come up to your number (assuming its in the reasonableness realm).
Click to expand...
1st) You as the borrower do not choose your appraiser

2nd) The bank doesn't either-they use appraisal management companies

3rd) Appraisers don't target values and do not work for you as the borrower. We are hired to determine if the bank is making a sound lending decision in the event that you do not pay your mortgage.

I'm an appraiser and would never accept an assignment based on a predetermined target value. This type of thinking went a long way in the debacle we're just getting out of now.
Click to expand...
TBH, I was curious about this. I recall when we purchased the house I'm in now, the appraisal came in at the exactly the same as the purchase price. I just did a refi (last week) and the appraisal was the same as the number I gave as the property value. This was important as I was taking cash out. I've refi'd a couple times in between but don't remember how close the numbers were.

 
johnnycakes said:
got_nugs said:
Rattle and Hum said:
On Land or park?

If land, a real estate agent might be able to give you an indication if you have a shot at your number. Ask them for sold comps with manufactured home on land. Also, it might be possible to determine what the land & home package is worth by piecing everything together... value of home alone in current condition, value of land, actual value of improvements to the land in current condition(well, septic, basement/foundation, deck, etc.).

If park, the office can usually help to indicate what values are because they are often times involved in sales.

Who is "the home loan place"? Many are legit and a few live on getting people to pay for fees up front. An appraisal

is typically done and paid for by the home borrower. I've never heard of a lending institution asking for borrower to pay for an "assessment" on real property.
Click to expand...
The fee (amount or who pays) for the appraisal is not relevant to who orders the appraisal. It is NOT ordered by the borrower and will not be accepted by your lending institution. I cannot stress enough DO NOT PAY for an appraisal and then bring it into your bank unless you want to pay for multiple appraisals. We're not in 2004 anymore. I would 100% check with your local bank before paying for anything on your own. Just a heads up.

It is quite common for the lending institution to order the appraisal through an appraisal management company but the borrower pays for the appraisal.
Click to expand...
:goodposting:
Click to expand...
This is correct. The bank will want an independent appraiser. And I've never heard this word assessment used, it's an appraisal. Asking a realtor for the last 6 months in sold comps takes the realtor about 90 seconds, should be no big deal. This should give a reasonable idea of where you stand. and if you have equity, your current lender might be willing to refi and then the appraisal would be part of the refi. You'd still pay for it, but it would be built into the refi.
 
Last edited by a moderator:
DA RAIDERS said:
johnnycakes said:
got_nugs said:
Rattle and Hum said:
On Land or park?

If land, a real estate agent might be able to give you an indication if you have a shot at your number. Ask them for sold comps with manufactured home on land. Also, it might be possible to determine what the land & home package is worth by piecing everything together... value of home alone in current condition, value of land, actual value of improvements to the land in current condition(well, septic, basement/foundation, deck, etc.).

If park, the office can usually help to indicate what values are because they are often times involved in sales.

Who is "the home loan place"? Many are legit and a few live on getting people to pay for fees up front. An appraisal

is typically done and paid for by the home borrower. I've never heard of a lending institution asking for borrower to pay for an "assessment" on real property.
Click to expand...
The fee (amount or who pays) for the appraisal is not relevant to who orders the appraisal. It is NOT ordered by the borrower and will not be accepted by your lending institution. I cannot stress enough DO NOT PAY for an appraisal and then bring it into your bank unless you want to pay for multiple appraisals. We're not in 2004 anymore. I would 100% check with your local bank before paying for anything on your own. Just a heads up.

It is quite common for the lending institution to order the appraisal through an appraisal management company but the borrower pays for the appraisal.
Click to expand...
:goodposting:
Click to expand...
This is correct. The bank will want an independent appraiser. And I've never heard this word assessment used, it's an appraisal. Asking a realtor for the last 6 months in sold comps takes the realtor about 90 seconds, should be no big deal. This should give a reasonable idea of where you stand. and if you have equity, your current lender might be willing to refi and then the appraisal would be part of the refi. You'd still pay for it, but it would be built into the refi.
Click to expand...
Assessed values are figured by a mass appraisal done by the property appraisers office to determine the taxable amount for real estate tax purposes. I've heard people use the term assessment regarding an appraisal but I just assume that's b/c it's the word they see on their county tax notice every year. Not really what we're talking about here....but I figured that's what posty meant.

 
brun said:
TBH, I was curious about this. I recall when we purchased the house I'm in now, the appraisal came in at the exactly the same as the purchase price. I just did a refi (last week) and the appraisal was the same as the number I gave as the property value. This was important as I was taking cash out. I've refi'd a couple times in between but don't remember how close the numbers were.
Click to expand...
That is interesting. Did you get a chance to look at the refi appraisal? Those orders do not include loan amount or estimated market value figures provided so unless you told the appraiser a figure he/she wouldn't know what that value was. It's a big reason why the AMCs are now a part of the ordering process. If you gave the exact estimated market value that the appraisal came to, maybe you could be an appraiser! Do you love paperwork and hate money?

 
got_nugs said:
brun said:
TBH, I was curious about this. I recall when we purchased the house I'm in now, the appraisal came in at the exactly the same as the purchase price. I just did a refi (last week) and the appraisal was the same as the number I gave as the property value. This was important as I was taking cash out. I've refi'd a couple times in between but don't remember how close the numbers were.
Click to expand...
That is interesting. Did you get a chance to look at the refi appraisal? Those orders do not include loan amount or estimated market value figures provided so unless you told the appraiser a figure he/she wouldn't know what that value was. It's a big reason why the AMCs are now a part of the ordering process. If you gave the exact estimated market value that the appraisal came to, maybe you could be an appraiser! Do you love paperwork and hate money?
Click to expand...
I purchased a home a year ago, bought it from a friend without realtors and split what would've been a normal agent's commission. The appraisal came in a hair over the market value we agreed on and there was a box on the appraisal form that says I [did/did not] review the sales contract, which had been checked that they did. They also made a note in the Neighborhood Description area that "the subject property is not an under-improvement for the subject marketing area. it just happens to be below the median sale." This was a sale that closed in October of last year, so it's not entirely out of the ordinary for appraisers to know the price of a home.

 
Thanks for correcting my post... I didn't mean to imply that borrower orders appraisal... just that one is done (ordered by lender) and paid for by borrower.

 
got_nugs said:
brun said:
TBH, I was curious about this. I recall when we purchased the house I'm in now, the appraisal came in at the exactly the same as the purchase price. I just did a refi (last week) and the appraisal was the same as the number I gave as the property value. This was important as I was taking cash out. I've refi'd a couple times in between but don't remember how close the numbers were.
Click to expand...
That is interesting. Did you get a chance to look at the refi appraisal? Those orders do not include loan amount or estimated market value figures provided so unless you told the appraiser a figure he/she wouldn't know what that value was. It's a big reason why the AMCs are now a part of the ordering process. If you gave the exact estimated market value that the appraisal came to, maybe you could be an appraiser! Do you love paperwork and hate money?
Click to expand...
I just read through the whole appraisal. There was nothing in there about loan amount or estimated loan to value. I talked to him on the phone when scheduling the appraisal, but don't recall saying anything about the loan etc. I wasn't home when he did the appraisal. He took pictures of the exterior and interior which provides all the proof anyone would want that I'm a embarrassingly lazy housekeeper.

Are most appraisers part time of full time. Getting close to retirement age. When that comes, I'll need something to get me out of the house.

 
got_nugs said:
Numb probably offers the best advice. Ask a local realtor for a CMA on your property in the event that you want to list it with him/her. They typically won't charge anything for this service and will provide MLS data for your review. Of course an appraisal is just an opinion but it should give you a ballpark. If you like the CMA, provide that information to the appraiser to consider in the report.
Click to expand...
I contacted a realtor I know in Phoenix. He is contacting someone he knows down here to do exactly this for me. I am not sure what a CMA is but I am glad to hear that everyone agrees this is the way to go.

 
Rattle and Hum said:
On Land or park?

If land, a real estate agent might be able to give you an indication if you have a shot at your number. Ask them for sold comps with manufactured home on land. Also, it might be possible to determine what the land & home package is worth by piecing everything together... value of home alone in current condition, value of land, actual value of improvements to the land in current condition(well, septic, basement/foundation, deck, etc.).

If park, the office can usually help to indicate what values are because they are often times involved in sales.

Who is "the home loan place"? Many are legit and a few live on getting people to pay for fees up front. An appraisal

is typically done and paid for by the home borrower. I've never heard of a lending institution asking for borrower to pay for an "assessment" on real property.
Click to expand...
I am on one acre of land. I went to Nova Home Loans. I was told they are one of the few that will refi a manufactured home.

 
Have you shopped different financing companies? You aren't obligated to refinance with your current lender. There are some companies that do not charge you for the appraisal if you don't end up refinancing. In fact, you should be shopping anyway to see if you can get a lower rate than what your current lender is offering.

 
prosopis said:
Rattle and Hum said:
On Land or park?

If land, a real estate agent might be able to give you an indication if you have a shot at your number. Ask them for sold comps with manufactured home on land. Also, it might be possible to determine what the land & home package is worth by piecing everything together... value of home alone in current condition, value of land, actual value of improvements to the land in current condition(well, septic, basement/foundation, deck, etc.).

If park, the office can usually help to indicate what values are because they are often times involved in sales.

Who is "the home loan place"? Many are legit and a few live on getting people to pay for fees up front. An appraisal

is typically done and paid for by the home borrower. I've never heard of a lending institution asking for borrower to pay for an "assessment" on real property.
Click to expand...
I am on one acre of land. I went to Nova Home Loans. I was told they are one of the few that will refi a manufactured home.
Click to expand...
is it on a permanent foundation?

 
When I went through this a few years ago, I left a note for the appraiser with what I originally paid along with a list of the upgrades we had purchased plus the improvements we'd made since then. I ended stating my opinion that my house was worth at least $xxx, where $xxx was the amount I needed it to come in at to make the refi work. He appraised it at $xxx on the nose.

I don't believe he would have been dishonest but there is surely a subjective component to appraising a home, and I thought if I gave him a target and some reasonable justification to get there it would help.

Anyway, it worked out good for me. :shrug:

 
That's a good point about upgrades made. When I refied a couple years ago they asked about any mahor things id done to the home and property. Make sure to tell them.

 
I got the CMA and it is not good for me. I fall about $20,000.00 short. I am going to pass on the appraisal and the refi. This does bum me out some as I could be saving quite a bit with a refi. The CMA also indicates that my home is worth about $30,000.00 less then it was 15 years ago.

I was checking with a different finance company. It seems there are very few companies that will deal with the manufactured home. I was told they are a big risk for people to walk away from.

I will wait a few years and hope things improve.

 
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