Home appraisal on Monday
We're trying to get rid of our PMI, and our mortgage company is sending an appraiser out on Monday to determine the current value of our home. Even though he's an "independent appraiser," he was selected by the mortgage company to perform the work and I'm wondering whether the value he puts on the home will be influenced by that fact. Have any of you ever been in this situation? If so, what was your experience?
Thanks!
posted by SMB @ 11:23 AM
2 Comments:
I have only done refi's ... and it's in the bank's best interest to get an appraisal that allows them to do the loan (it's a slippery business)
Since PMI doesn't go to the bank, but to an insurer, I would think the appraiser would not be incented to be anything other than neutral. But that's a guess.
Don't forget to give the new Zillow.com a try just for another data point!
I did...Zillow's quite a bit lower than what I'm hoping for (by about $30,000). But, Zillow doesn't know anything about the improvements we've made over the last 3 years.
I'm keeping my fingers crossed!
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