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Old 03-04-2007, 10:40 PM
mbh mbh started this thread
 
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We want to get an appraisal to remove PMI, but don't know if it is worth getting a full appraisal or a Broker's Price Opinion, or if it is even worth trying. Is there a way to learn the closed comps in an area without involving a realtor? Is it reasonable to use the prices for houses in our area to estimate what ours might appraise for? Our house is typical of our area, but the asking prices seem kind of crazy. We are near Five Points. I'd appreciate any advice on getting an idea of real selling prices.

Thanks
mbh
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Old 03-05-2007, 05:43 AM
 
Location: Cary, NC
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An appraisal should cost you $350 or so. That is the way I would go. An appraisal would have much more credibility than an agent/Realtor's CMA.

See, an appraiser has a license and a rubber stamp. I only have a license.
Your PMI must be quite costly. It should be worth it, if the appraisal is good and your lender allows you an out. Before proceeding with appraisal expense, I would suggest you make sure that documentation of 20% equity is a slam dunk reason for PMI elimination. Your closing attorney should be able to tell you about your documents.
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Old 03-05-2007, 11:34 PM
 
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Quote:
Originally Posted by mbh View Post
We want to get an appraisal to remove PMI, but don't know if it is worth getting a full appraisal or a Broker's Price Opinion, or if it is even worth trying. Is there a way to learn the closed comps in an area without involving a realtor? Is it reasonable to use the prices for houses in our area to estimate what ours might appraise for? Our house is typical of our area, but the asking prices seem kind of crazy. We are near Five Points. I'd appreciate any advice on getting an idea of real selling prices.

Thanks
mbh
Many years ago we were looking at doing the exact same thing. Our mortgage lender at the time (BofA) would ONLY remove the PMI if their approved appraiser said the house was worth X. They were very specific about having to use their appraiser. Of course, we had to pay the BofA appraisal fee... which was about $100 more than the average appraisal. We did not go this route. Rates had dropped so we refinanced and got out of PMI w/ the new refi.

Before you hire someone talk to your mortgage lender.

Now, with that said, a few years ago we considered selling a home ourselves. In that process we learned that our title company would provide comps for us for free. The title company that we used to originally close on the home did this for us. They will ask you how many months do you want them to go back and what radius. We went back 6 months and used a .5 mile radius (we live in a dense city... you might want to use a bigger radius). We currently in Oregon so I don't know if it is the same in NC. Worth a call to get a ball park idea before you decide what to do next.

Good luck getting rid of PMI. Personally I think PMI is the biggest legal racket around. I bet the moffia only wishes they could pull off PMI.
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