refi ammo?
Next month I'm going to do a refi. I have just remodeled a room into a
kitchen extension (small eating area where there was none to begin with) and a closed-in bedroom. I think this has added value to my place. I'd like some advice about how to present this if at all to a bank. Should I show them my receipts for the work done or just before and after pictures. Should I get the place appraised and just go in with that or does that even matter because they'll just lend based of value of surrounding homes anyway?? Any advice about refi under this instance is appreciated. Thank you, --PhB. |
refi ammo?
In article .com,
wrote: Next month I'm going to do a refi. I have just remodeled a room into a kitchen extension (small eating area where there was none to begin with) and a closed-in bedroom. I think this has added value to my place. I'd like some advice about how to present this if at all to a bank. You present it to the bank in a format called an "appraisal". You can hire your own appraiser, but the bank will likely want to use one from their own list. But in general, unless you have finished off unfinished square footage, the fit and finish isn't going to matter much. The appraisal usually compares similar houses, or uses a formula based on so much per square foot of finished space. -john- -- ================================================== ==================== John A. Weeks III 952-432-2708 Newave Communications http://www.johnweeks.com ================================================== ==================== |
refi ammo?
On 07 Jun 2006 16:57:47 -0500, someone wrote:
....have a few area realtors through your home and tell them you may be selling and would like an assessment of what they think the home would sell for.... But that would be dishonest and a fraud. He is NOT selling. You think this is OK just because they are realtors? (I.m NOT, BTW.) Reply to NG only - this e.mail address goes to a kill file. |
refi ammo?
On 7 Jun 2006 14:35:58 -0700, someone wrote:
Should I show them my receipts for the work done or just before and after pictures. Neither. What would the receipts show about current VALUE, they just show COST. Not the same thing at all. What good is a "before" picture, they are not lending on the former house, they are lending on the present house, and their appraiser doesn't been YOUR pictures, he takes his own (if needed). The typical refi (or loan on sale) appraisal uses zero or maybe one inside pic, and if one is needed the appraiser takes it. Reply to NG only - this e.mail address goes to a kill file. |
refi ammo?
In article , v says...
On 07 Jun 2006 16:57:47 -0500, someone wrote: ....have a few area realtors through your home and tell them you may be selling and would like an assessment of what they think the home would sell for.... But that would be dishonest and a fraud. He is NOT selling. You think this is OK just because they are realtors? (I.m NOT, BTW.) There *are* a lot of realtors in my area who will provide an assessment although you're not planning to put the house on the market, in hopes that it would get folks thinking about it. They'll Of course I agree that whatever the situation, it's dishonest to represent yourself as actually planning to sell. Banty -- |
refi ammo?
In article , v wrote:
....have a few area realtors through your home and tell them you may be selling and would like an assessment of what they think the home would sell for.... But that would be dishonest and a fraud. He is NOT selling. You think this is OK just because they are realtors? (I.m NOT, BTW.) I think it's dishonest in principle, but I doubt many realtors would mind. You are giving them a chance to make their pitch. Even if one is not selling immediately, maybe one finds a realtor he likes that he uses when he sells, that he recommends to friends, or uses to buy/sell a vacation house, etc. I am not a realtor, but I know that if I was I wouldn't turn down a chance to make a presentation. Only a small % of sales pitches are successful, anyway. Dimitri |
refi ammo?
In article , D. Gerasimatos says...
In article , v wrote: ....have a few area realtors through your home and tell them you may be selling and would like an assessment of what they think the home would sell for.... But that would be dishonest and a fraud. He is NOT selling. You think this is OK just because they are realtors? (I.m NOT, BTW.) I think it's dishonest in principle, but I doubt many realtors would mind. In which case, you don't have to lie. I had an assessment recently, I did not lie. You are giving them a chance to make their pitch. Even if one is not selling immediately, maybe one finds a realtor he likes that he uses when he sells, that he recommends to friends, or uses to buy/sell a vacation house, etc. I am not a realtor, but I know that if I was I wouldn't turn down a chance to make a presentation. Only a small % of sales pitches are successful, anyway. Which are all the good reasons why realtors may in some cases happily assess a house although there is no immediate prospect for sale. None of these, however, are reasons to misrepresent oneself. Remember whatcha momma taughtcha. Don't lie. Banty -- |
refi ammo?
In article ,
Banty wrote: I think it's dishonest in principle, but I doubt many realtors would mind. In which case, you don't have to lie. I had an assessment recently, I did not lie. Fair enough. You can just say you're not interested in selling and can probably still get realtors to come out. Which are all the good reasons why realtors may in some cases happily assess a house although there is no immediate prospect for sale. None of these, however, are reasons to misrepresent oneself. I didn't mean to condone the guy's behavior. I just didn't want anyone to feel bad for the realtors, since it's possible they can get work even from a guy who isn't intending to sell immediately. Dimitri |
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