Home Apprasial Questions - General DIY Discussions - DIY Chatroom Home Improvement Forum

Go Back   DIY Chatroom Home Improvement Forum > DIY Forum > General DIY Discussions


Thread Tools Display Modes
Old 10-01-2010, 05:03 PM   #1
Join Date: Oct 2007
Posts: 204
Rewards Points: 150

home apprasial questions

I'm getting ready to refinance my home in the next month or two and have some simple questions....

When the bank-hired appraiser does their thing...

a) is this appraisal value similar to a market value? or is it inflated just to get the new loan approved?

b) can I take this appraisal to my local gov't and use it to lower my property taxes?

c) anything special I should do around the house to get ready for the appraisal? or is it pretty much a brick 'n mortar analysis?


johnnyboy is offline   Reply With Quote
Old 10-01-2010, 05:18 PM   #2
Civil Engineer
Join Date: Mar 2009
Location: Boston
Posts: 5,679
Rewards Points: 4,938

The purpose of a bank appraisal is to satisfy the bank that the value of the home that you are pledging as an asset is sufficient to justify the mortgage. If you are a cynic, you may believe that the bank hires an appraiser to deliberately overstate the value of your home so they can make the mortgage to you, since they are simply going to package the mortgage and sell it to investors. Certainly this happened a lot during the housing bubble, and presumably still occurs today.

That said, if the bank is on the level, their appraisal is about how much they can sell the house for if you default, and is not about how much the house is worth in terms of a hands off, willing buyer willing seller transaction, which in theory is what your tax rate should be based on. So I doubt you could take the appraisal to your tax assessor and get a reduction in taxes, but you can certainly try if the appraisal is lower than your assessed value.

As for getting ready, nothing to do, this is a routine procedure.


Daniel Holzman is online now   Reply With Quote
Old 10-01-2010, 05:23 PM   #3
Join Date: Sep 2010
Posts: 47
Rewards Points: 25

I just had my appraisal, so here's what I know.

a) Yes, the appraisal is the estimation of how much your home is worth if it was sold right now.

b) Good question -- I want to know too.

c) Yes, my appraisal went over carpet condition, attic, drywall / paint, kitchen condition, roof condition, brick, etc. So keeping the indoors and outdoors clean helps. On an interesting note; I live on a slab, and apparently if I had a basement, my property value would go up by 2%. The appraiser also looked at similar neighboring properties and their current values.
suprvee is offline   Reply With Quote

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Questions home addition in Maryland Redmanjd Building & Construction 1 07-17-2010 11:05 AM
Help us make a remodel decision for selling home pleas 3detailer Kitchen & Bath Remodeling 11 04-27-2010 11:36 AM
Need some advice on buying home termite & water damage. Mr Heshup General DIY Discussions 1 03-29-2009 03:06 PM
A facelift for your home Grumpy Remodeling 0 07-07-2004 07:43 PM

Top of Page | View New Posts


Search Engine Friendly URLs by vBSEO 3.6.1