Equity

2 Replies

Hello,

Is there a way to find out equity in a home without getting an appraisal?

Hi Shelly,

Equity is somewhat subjective, because there are so many factors to take into consideration. Even if you had a property appraised by a couple different appraisers on the same day you might get different answers on the value of the house. What you could do is reach out to a real estate agent in your area and just ask them to run the comps on your house and what they would list it for, might want to get a couple opinions. You can let them know you aren’t looking to list just want to get an idea of your house value. Then you can take the value and subtract it from your principal balance (if no loan, then it would be the price they quote). In my neighborhood there are quite a few recent sales within the last 3 months so I can get fairly accurate comps on Zillow or Redfin.

-John

Originally posted by @Shelly Scruggs :

Hello,

Is there a way to find out equity in a home without getting an appraisal?

 You would have to have an alternate way of accurately estimating the value of the house and also have information on the current balance of the mortgage.

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