refinancing and appraisals

helen1983July 8, 2013

Hello all I'm a first time poster here.

We currently partially own a house with my parents who have the 20% required by the bank on their home. They have recently sold to move into a retirement home and are getting our property refinanced to cover that 20%.

We need the house to be valued at at least $400,000 which is $150,000 less than the cheapest house in the street.

Now there is a bit of work that needs to be done to it, some walls haven't been painted, there are a couple of stains on the carpet, and some of the garden beds in the back are just sand.

My parents are extremely worried that due to these issues the house isn't going to come in at value and they are going to have to pay out of pocket. The valuers are coming around tomorrow (this has all happened very fast), and I was wondering if anyone could recommend some things to do that are quick and simple.

Thank you

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egbar

if the house is otherwise in sound condition, don't worry about the rest of it. just make it easy for the appraisers to get around the house and clean as usual. let them do their thing. answer any questions truthfully. Most appraisers can see through cosmetic issues. best wishes

    Bookmark   July 8, 2013 at 7:21AM
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c9pilot

Our last appraiser took a few thousand dollars off for finish items, such as some untextured/painted walls, no baseboard, no backsplash in kitchen, no glass in cabinet doors. Also there was little landscaping.
It was nothing in the overall appraisal.
I was far more annoyed that I did not get credits for the brand-new $20K seawall or the newer $20K dock/boat lift.

This post was edited by c9pilot on Mon, Jul 8, 13 at 17:02

    Bookmark   July 8, 2013 at 5:01PM
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mnnie

This is probably too late, but when we sold our house, our real estate agent recommended staging our home just as we did when we had it on the market and expected people to look at the house. And we were told to not be present for the assessor. Yes, in theory assessors should be able to look past the cosmetic. So should people that are buying a house. But they don't always. I'd recommend trying to make the home look as good as you can, but don't worry too much - it will soon be over!

    Bookmark   July 8, 2013 at 10:31PM
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Suzi AKA DesertDance

I think you'll be fine! The landscaping might affect something, but appraisers are more concerned about the bones of the structure. They will ding you for obvious leaks, holes in walls, and stuff like that.

I had a list of all the improvements we had done to the house, including pool/spa, built-in closet and garage cupboards, etc. The appraiser just smiled, and I doubt he ever read it.

They go on square footage and comps mainly.

Good luck to you!

Suzi

    Bookmark   July 9, 2013 at 10:56AM
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