Updated almost 10 years ago on . Most recent reply
Good Valuation and Refi of Duplex
I have a duplex in Ft. Wayne, IN that I bought new in 2005 as with a owner occupied 0% down loan at a rate of 7.25%. In 2007 and 2008 there were several foreclosures in the neighborhood and not many comparable sales since. This drove my property way down and will require me to put cash in to refinance. Considering that the foreclosures were almost 8 years ago and that I have a steady $1,500/mo of rents, how can I get an appraisal that best reflects the value? Can I get an 80% LTV refi?
Purchase amount: $168,000 (2005)
Current loan value: $142,000
I no longer live in the unit so it is completely investment with a steady rent history since 2007.