Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [appraisal]

40 questions
52
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6 answers

Determining fair price for profitable mobile app business

I have been developing iOS apps for a few years now. They do pretty well, and yesterday I was approached with an offer to buy one of them. The offer was for $40,000 dollars for an app that generates roughly $650 a month in income. The app has been…
Ross Sullivan
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Home inspection for home owners insurance revealed damage my inspection and my lender's appraiser did not see

I recently bought a house in Iowa. I hired a company to inspect the home, they found a few minor things but nothing major. My lender had an appraisal and they didn't note anything either. I purchased home owners insurance with a large insurance…
ajb32x
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How do I estimate the value of a small cabin rental business I want to buy?

My husband and I are retired. We are looking for a small business we can run until we are gone. We have found a rustic campground with 5 cabins and more space to build additional cabins. It has waterfront, woods, trails, boat ramp, and a home. The…
Fiona Moon Blossom
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4 answers

Our home equity has increased. Can we get rid of PMI without an appraisal?

We have Private Mortgage Insurance on our house because we didn't put 20% down when we bought it. We've recently paid some extra money on the mortgage, and we now have > 22% equity. We've contacted the bank to try and remove the PMI, but they want…
davesw
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Type of loan needed when demo'ing old home on property we own ($0 debt) for new home construction

My husband and I own property with an existing low-value home on it that is too cost restrictive to remodel with no loans/liens against it. We need to demo the existing home for new construction. If the existing home is taken into consideration…
Pam E
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1 answer

Will my property taxes change if I get it appraised for PMI removal?

I have studied questions around Mortgage Insurance removal and various experiences (mostly painful) with lenders in this process. I had budgeted and readied myself to make a principal payment to bring our stake in the house to 20% but the website…
perennial_noob
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Assessed value of my house

I received a letter from the county tax assessor. It gave me the total appraised value $188,000. I purchased it on Sept, 2008. The price was 216,000. I am shocked at such a big difference. I use [Yahoo Home-Worth] or Zillow to check the neighbors'…
Love
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What is the best way to get a "rough" home appraisal prior to starting the refinance process?

Given the tightening of regulations on appraisals in the home financing process, I would like to get an idea of the "rough" value of my home before initiating the refinance process. Since our mortgage and second mortgage were initiated in 2006-2007,…
Nicole
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Bank denying loan after "subject-to" appraisal: What to do?

I'm buying a two-unit investment property directly from the seller (no Realtors involved). The purchase price is $110k. I am trying to get a conventional loan through a large national bank. Everything went smoothly until the appraisal came back. …
painter48179
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Cost of appraisal/borrower rights

I understand the lender chooses who performs their appraisal and I cannot shop around for this, but I want to know that they aren't inflating the charge. Is this reasonable? How should I word the request for the appraisal company's invoice?
Jess
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Home rebuilding cost vs "Cost Approach (If Developed)" on appraisal?

I am in the process of buying a home. The lowest cost to rebuild quote I've been able to get is $309,000. I just got my appraisal back today. And it has something call "Cost Approach (If Developed)". This value is $138,736. My question is: are they…
Antarr Byrd
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What would happen if I refuse to let the tax assessors into my house?

A representative from my town showed up unannounced at my house today and asked to come in to do a property tax assessment. I [politely] declined. The representative was reasonable and left a card advising us that it is important to schedule an…
nuggethead
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What happens if the appraisal is different than the sale price?

As I understand: The purpose of a down payment is to minimize risk to the lender. For a traditional mortgage, lenders are willing to lend up to 80% of the value of the house. The appraisal determines the value of the house for this…
Paul Draper
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Property appraisal protest question

(First time homeowner here) I recently received my estimated property value in the mail. It was listed at $207k. Our house was built in 2013, and the value of the land pre-build was $25k. The home was purchased for $170k. My question is, what…
drez90
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3
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Gift tax on investment property bought below appraisal value from a non-related person?

I have a friend who I am purchasing an investment property from at the same price they paid for it but the appraisal value is about a 1/3 higher than what I will pay for it. Will the seller owe gift tax on the difference? I am in the U.S. and the…
BCecil
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