PMI Removal should be fairly straightforward - Saab General Bulletin Board - Saabnet.com
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PMI Removal should be fairly straightforward
Posted by mdj (more from mdj) on Sun, 23 Oct 2005 17:51:35
In Reply to: Re: Way O/T getting rid of PMI (long), michael p, Thu, 20 Oct 2005 15:39:43
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depending on how your loan is written on the matter. FIND THAT OUT FIRST.
As an appraiser, the value of your house w/primarily be based on the comps. You are throwing big appreciation numbers around, which MAY or MAY NOT be accurate. If you know what good comps are, and are going for, you might be correct. Or you may be using comps that aren't all that comparable from an appraiser's standard.
On the other hand, any decent appraiser should be able to recognise the sweat equity. As Michael P stated, the value WILL depend on similiar sales. The key here is that with a renovated house, the similar sales will be different than with an uninhabitable house, and the appraisal's estimate of value SHOULD reflect that. It doesn't matter if you did the work and saved money, or overpaid top dollar to a contractor.
An appraisal report should address the difference in the dollar value paid and the newer estimate of value. I had one last month where the buyer fixed up a crack house; I think the final value almost 75% more than he paid for it (although a lot less if you took the original price and then the $100k he put into it. All new state of the art systems, kitchen, 2 whirlpool baths, etc.)
On the other hand, I've seen similar projects not be completed and I've seen plenty of foreclosures. The system is a PIA, but should be pretty straightforward based on what you've said.
Good luck with it!
In the end you probably need an appraisal; it will be small money (maybe a 1-2 PMI payments), and you'll be off the hook.
posted by 68.163.145...
Posts in this Thread:
- Way O/T getting rid of PMI (long), Rich, Thu, 20 Oct 2005 15:05:42
- Re: Way O/T getting rid of PMI (long), Avanti, Fri, 21 Oct 2005 23:28:23
- Thank you all., Rich, Fri, 21 Oct 2005 15:41:12
- The ONLY way to get rid of PMI (and keep 4.5%), Jeff B, Fri, 21 Oct 2005 11:37:43
- what is PMI?, rob , Fri, 21 Oct 2005 11:35:29
- Re: Way O/T getting rid of PMI (long), SWEDECAR , Fri, 21 Oct 2005 09:29:31
- Re: Way O/T getting rid of PMI (long), Rafe, Fri, 21 Oct 2005 07:21:04
- Get a Realtor to do a Market Analysis, JimN, Fri, 21 Oct 2005 06:55:25
- why not covert the amount over 80% to a 2nd mortgage, hte originalMJM, Fri, 21 Oct 2005 05:29:55
- Re: Way O/T getting rid of PMI (long), Rich T., Fri, 21 Oct 2005 05:15:10
- LTV is the key, Geoff, Thu, 20 Oct 2005 15:46:21
- Re: Way O/T getting rid of PMI (long), michael p, Thu, 20 Oct 2005 15:39:43
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