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Footballguy
We bought this house 3 years ago while renting it. We had looked at comparable homes and came to an agreement with the landlord for $330k. Right in line with comparable homes. Got an inspection just because we don't necessarily know what we don't know, that came back fine as expected. Went for a VA loan as that provided the best rates.CletiusMaximus said:If there's an accepted offer on the house, what better indicator of value is possible? These guys get a couple hundred bucks to produce a report. They're not going to stick their necks out based on some comps or a tax value.
VA sends their appraisal, came back $15k under ($315k). The comps he used were ridiculous, homes that were on main streets with trailers on both sides, less than half the acreage, in much worse condition, etc. I thought about appealing, but instead split the difference with the landlord, paid a bit more out of pocket but we love this house. It backs to a greenway with a huge backyard, it's well built.
The VA had to know the loan amount, or could have easily found it, but instead seems to have intentionally low balled. Worked to our benefit, but still it was surprising.
How accurate are Zillow estimates? Zillow lists the house at $357 now, which would mean we're finally at 20% equity (which doesn't matter for VA, but might if we ever wanted a HELOC)
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