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eks6426

frustrated with home assessment

eks6426
15 years ago

This isn't exactly a post about kitchens, but more the issue of getting to the kitchen remodel. My plan was to refinance my house. With the low rates, I calculated I could get about $25K cash out, reduce the number of years I owe on my mortgage and not really change my house payment more than $50. Seemed like it would work just fine.

Problem is the appraisers are having a tough time coming up with an appraised value that will work. I have a friend who does appraisals for banks and asked him to give me a ballpark number before I started paying bank fees to refinance. He says the issue is there really aren't any historical solds in my neighborhood. I live in a historic district downtown type neighborhood where home values change a lot from one street to the next. The few solds he can find are on the fringe of the neighborhood on busy streets...houses are larger and cheaper....He's afraid if I go to the bank, the appraiser will use these fringe neighborhood houses because there really aren't any other options. It could drop my appraised home value $20K which makes this whole kitchen project much, much harder. The house directly next door to me sold (very similar house) in Jan 2007 for close to the amount I'd like use as my appraised value but he says 2007 is so long ago...but the neighborhood is so stable there just hasn't been much else that is comprable sold since then....

I'm just frustrated. I don't know if I should even bother trying to do the refinance...getting into all the fees and such only to find the value might not be where I would like it to be.

thanks for listening

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