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Wish I could get such a rate, but I had some troubles a few years ago when my employer closed it offices and I was out of work for a bit.
Originally built my house for $130K in 2001 and it appraised for $210.
Refinanced in 2004 to consolidate loans and refi some taxes not included in escrows. Got a much higher rate on an ARM due to poor credit due to earlier job loss. Appraised at $200K. Appraiser missed a few things like it is a corner lot due to acreage size and uncleared portion at corner looks like a vacant lot, but was high enough for loan so I did not care.
Refinanced this year to eliminate ARM. Credit still not good, but enough to get 5% reduction in rate from the current ARM rate. Appraised at $237K, appraiser still thinks it is an interior lot and I still have not cleared the brush on the corner.
Bubble is burst in general, but some areas are holding their value and some are not. Question becomes, are these areas over valued, or is there just more need to sell than present demand due to public perception that bargains should exist? When the lenders are all back on track and the public hooplah becomes a forgotten headline, will these same areas regain their lost values so quickly as to become a windfall for those lucky investors who had enough cash to buy during these time?
History has made milllionaires and paupers of many real estate investors.
Banks are cracking down and making sure that they do not get caught in the slump again. All the numbers coming back for appraisals now are VERY conservative.
i am trying to refinance my house, cause i got jacked on my rate at 6.325. quicken has sent out 2 appraisers. my 1st appraisal came in at 440k, 2nd at 447k.
i bought this house in edison, nj, for 417k, but my appraisal--2 mths back--was 470k!
how did it drop 23k in like 2 mths?
this is crap. i cant refinance until i have 90% loan to value.
Well, you'll appreciate my story. I have the exact same rate as you and locked in 5.75% to refinance next week. House that I bought in Moorestown in June 2007 had to be re-appraised due to market conditions and the appraisal came back $8K higher than I paid last summer. Now, I did put about $10K into it since then but that's pretty impressive. It just goes to show you, investing in a house in a great area with great school system holds it value even in this market.
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