Discover the secret of a desktop appraisal

<<>> Millions of people are getting robbed by the banks, loan officers, and savings and loans institutions for absolutely no reason. If you’re not too late, hold on to your wallet and read every line of this article.

Here’s what’s happening. You contact your bank to see if you can refinance your home. The bank hires a real estate appraiser to appraise your home. Most of the time, you will pay for this appraisal regardless of the value (and, of course, this is the way it should be).

But wait just a minute. The bank just charged you $400 or more for the “paper work” and the appraisal fee. Next thing you know the deal won’t work, the value is too low, the bank does not like your home or the improvements are not completed. The entire deal and the interest rate changed based on what the home appraised for. That was your food money for the week. You were counting on that money.

There’s got to be a better way

The banks and/or the loan offers can’t use this type of appraisal for the loan purposes, so they will order what they need, not what is best for you or what you need.

New banking regulations are preventing the loan officers from fishing for an appraisal value that will work before the home appraisal is ordered.

I understand that you’re not loaded with money to just give away for the special privilege for the bank to say no.

So here’s what you do

A desktop appraisal will give you an idea of what homes are selling for in your area. Your appraiser will speak to you on the phone, pull information from public records and MLS sales and use homes that are the most similar to your home, if there is enough data, they will write up a report and give you a value for your home. This value can be used to determine if you would like to proceed with a mortgage. The cost will be significantly less than a full appraisal. The price for a desktop appraisal will be around $150. This may save you hundreds of dollars.

Now that you’ve got your desktop appraisal, let’s go talk to the bank

To proceed with the loan, your banker or loan officer will have to order a full appraisal. This appraisal may be different from the desktop you ordered, but at least you know if you’ll be in the ball park to make your deal work.

Look, I know what you’re thinking. Why would I want to get a desktop appraisal and pay for this and next have to pay for a second $400 appraisal? Now you’ve just paid for two appraisals and you can’t use the desktop for loan purposes.

Here’s why?

ecause it is the best option you’ve got. At the end of the day, would you rather lose your entire pie or have a little piece left over. If the deal won’t work based on a desktop appraisal, then it only costs you $75, not $400 or more.

Secondly, if one loan officer can’t help you or can’t provide the interest rate based on your desktop appraisal, you can quickly move to the next bank and/or loan officer to find the best rate. This will allow you the ability to shop for a loan without spending $400 each time you think about proceeding.

You see, without this desktop appraisal, you are dead in the water. You do not control the appraisal and by the time you get a copy of your appraisal, it may be months. But wait, why don’t I just ask a Realtor to give me a value and save $75.00?

Now please, please do not do this to save yourself the cost of the $75 desktop appraisal.

There’s cheap and then there’s being smart. Don’t ask Realtors to tell you what the value of your home is because they do not know. Most importantly, is that Realtors are in the business of selling homes, so they will either tell you what you want to here or inflate the value of your home in order to win your business, regardless of what the home is worth. Or they simply do not understand what an appraiser looks for when determining the value of your home.

If you think that this doesn’t happen, think again. I get borrowers every year trying to figure out why the home that closed two years ago is not a good comparable for today. And, oh, by the way, the Realtor just provided them with these comparable sales two weeks before I appraised the home.

Let’s say you go ahead and let a Realtor determine the value of your home. Unless you get an honest Realtor or a knowledgeably Realtor, here’s what will happen. Once you get the real estate appraisal, the value will most likely be significantly different and the comps that the Realtor used will be prohibited to use because they picked the worst sales that are the least similar to your home.

You see, this is all about probabilities. You have the highest probability of the value being what a bank and underwriter wants if you hire a real estate appraiser that understand what the banks look for when estimating the value of your home. You have the greatest changes of saving money if you go with a desktop appraisal.

So you see, this is the best way to appraise your home

If your still not sure, read the following information below.