[StBernard] Grant/Buyout Question

[Westley Annis]

Rena,

Yes, it would.

For others who have a similar situation keep in mind you probably don't want
to use an appraisal more than six months old.  Why is this?

FIRST, there's a good chance the value of your property appreciated by a
couple/few percentage points some six to twelve months after the old
appraisal date.;

SECOND, here's what I stress to a lot of folks - when I appraise a property
for a bank or mortgage company I have to be "conservative" in my final value
because that's what lenders want.  They want to be certain that even in a
conservative estimate value that it will still be more than what the
property is selling for.  You can understand their position because they're
risking a lot of "their" money on your house.  However, since I would now be
appraising a property for purposes unrelated to a loan, this sort of "frees"
me to give a value that is more typical of its "fair market value".  In
other words, I'm more likely to come up with a higher value for your
property than the previous appraisal that was done for mortgage/loan
purposes.

Therefore, in a "buy out" offer if a new appraisal could show just $3,000
higher value, you're talking about a little more money in your pocket.
Imagine if a new appraisal could show a higher value, say $10,000 more than
the previous appraisal.  Now you're talking big bucks.

- John Scurich


----- Original Message -----

>

> Ok...here's a question.

>

> What if you refinanced your home about 6 months before Katrina hit and 

> you have your property appraisal from an appraiser hired by the 

> lending institution that you were refinancing from.  Would that 

> constitute as an accurate appraisal and be accepted as opposed to the 

> tax assessor's

office??

>

> Thanks!!

>

> Rena

>

>