BiggerPockets

Hi Marko,

what probably will happen, is the lender will hire an appraiser who will search for similar properties that have sold recently. They will put the most weight on the most recent sales. So, the 2005/2008 numbers may not have a big influence on what they perceive the value to be. What we have done in the past is go find these sales comps ourselves and make the case of what we think the property's value to the lender and/or the appraiser if possible. Good luck and keep us updated.

Normally I would agree with J Scott - however given the appraisal guideline changes of 5/1/09 I would highly recommending hiring an appraiser to give you either a full appraisal or at the very least a desktop appraisal.

If you would kind of like to know the value as it would be nice to sort of know a general ball park then I would chat with a realtor.

If you need to know because your closing on a home and need to line up a refi - in today's world I wouldn't do anything less then an appraiser - and even then you are not guaranteed anything.

3-6 months is out - that world is pre 5/1/09. 3 months is really what you have to work with in today's market. And if your looking to do a refi in 3 months - then nothing anyone pulls today will give you much of an answer it is what happens in the 3 months prior to your refi that matters.

yes that is a federal rule callded HVCC and it took effect on 5/1.

From what I am told if there are no comps within 3 months they prefer to go with non-comps and stay witin 3 months - meaning if you have a fully rehabbed home and no comps other then bank owned homes in three months they prefer the appraiser to take the non comp comps before they do time adjustments.

Silly I know but....

I would ask an appraiser to pull some comps that are HVCC approved and get a value BEFORE you pull the trigger IF financing is required.....(now or later).