Appraisals in Memphis TN

[Cory Jones]

Hey everyone,

I'm looking to do a HELOC on a few of my rental properties in Memphis, TN and some of the banks I've talked to require the homes to appraise for $50K +. My properties are in Frayser and are all 3 bed 1.5 bath. According to Zillow (not sure how accurate Zillow is in this area) my property values range between $42K to $52K. Do any of you have homes in this area and (if so) have you done an appraisal recently? I'd really like to know how much these things will actually appraise for.

Thanks!

Cory

[David Hutson]

I have a handful in the area.  I'm sure there are a few pockets where they will sell for 50k but not too many.  Maybe you should look at what has sold as an estimate of what yours are worth.  That's what the appraisals should be based off of.