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How to Get An Accurate Appraisal When Refinancing

Some quick tips from Norma Mardelli (Coldwell Banker) to ensure an accurate home appraisal.

In this post I want to share some information about appraisals and making sure you get an accurate one if you are refinancing your home or obtaining current market value. I do this every time for my clients whether they are searching for a new home or selling their current one. I want to ensure an accurate appraisal is always provided. For the past several years, home values have been low and making sure my homes appraise out is vital in keeping a deal together.

Appraisals are based on recent sales prices of other comparable properties. And in rising price markets, those sales prices might not be high enough to support the latest sales.  Low appraisals are becoming a bigger problem for many would-be buyers and refinancers as home values have started to stabilize and rise in some markets

On Friday, the federal government issued new rules aimed at improving the appraisal process as it pertains to high-interest mortgages on rapidly appreciating homes. There are many places in California reporting appraisal problems so this info may come in handy.

  1. Make sure the appraiser knows your neighborhood - Home values can differ from one neighborhood to another. 
  2. Provide your own comparables - We always try to provide at least 3 solid comps. We save them the hassle and help ensure more accuracy in the final report. 
  3. Document all improvements - Having a list of all upgrades and renovations will help you tremendously. It will add value to the final appraisal report. Knowing what of these items adds value is   crucial to you getting the most accuracy.


As an agent, I am always here to help with your real estate needs. Feel free to call or e-mail anytime!

 

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Maggie February 09, 2013 at 04:26 PM
Norma, do CMAs cost anything? We are trying to refinance but I was told we should get a CMA to see if it is even worth refinancing because then we would need to do an appraisal and that costs $400 plus

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