opiate82
Bronze Squire
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wtf? Adjust your W4 man. That's an extra $750 you could have had in your pocket each month.
Home buying thread
- Thread starter Pasteton
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Noodleface
A Mod Real Quick
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When I was at EMC I never updated my status so my deductions were taken out as "single" rather than "married"
It's all squared away at the new job
It's all squared away at the new job
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Did you miss the part where I said you should still prioritize paying it off? I was only pointing out you get some percentage of the money back via tax deductions. If you have a choice of where to spend a little bit of extra money per month, whether that be high interest student loans, your mortgage, or maybe the stock market is a good investment currently, the money you get back from PMI might influence that decision.
"Wasted" was a bad choice of word to debate. Yes, it's wasted whether its $100 or $85. I meant to point out you're not actually throwing away $100, but maybe less, and that might be an important distinction for some people.
Question:
I can get a tax credit of 30 dollars for every 100 dollars i put up a wild hogs ass.
How much should I do?
I can get a tax credit of 30 dollars for every 100 dollars i put up a wild hogs ass.
How much should I do?
Jysin
Ahn'Qiraj Raider
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Noodleface
A Mod Real Quick
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Ok so here's our dilemma.
The bank looked up our value of our home on some websites (lol) and it's listed at like $220k. We paid $265k 2 years ago, and the bank had it appraised at that point and all was good (I don't know what the appraisal value was).
The bank is asking if I want to do the appraisal, because if it went down that much I'm just throwing away money. How do these sites get their values? Is it based on appraisals on other properties and what they sell for?
The bank looked up our value of our home on some websites (lol) and it's listed at like $220k. We paid $265k 2 years ago, and the bank had it appraised at that point and all was good (I don't know what the appraisal value was).
The bank is asking if I want to do the appraisal, because if it went down that much I'm just throwing away money. How do these sites get their values? Is it based on appraisals on other properties and what they sell for?
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Not justification, modification. Avoiding both fires might cost $90 in student loan interest. Probably not a huge, or even small difference in the long run since PMI is not that much money and will go away eventually anyway. More important for people realize opportunity costs than to wargarble at the idea of paying PMI.
Noodle: it's my understanding that appraisal value is public information because the county/town/village uses it to tax you. Did you ask them where they were getting the information?
1 Call your lender and get your original appraisal
2 Appraisals are usually about 500 bucks
3 Use your head and compare and see what you think. Zillow et can get pretty fucked up if the area isn't homogenous.
4 what's your current mortgage balance
2 Appraisals are usually about 500 bucks
3 Use your head and compare and see what you think. Zillow et can get pretty fucked up if the area isn't homogenous.
4 what's your current mortgage balance
Noodleface
A Mod Real Quick
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I cant remember the exact balance, but it hasn't moved much in 2 years due to paying mostly interest up front.
opiate82
Bronze Squire
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Zillow can get pretty weird on your home price and/or have incomplete information, but what it is good for is finding comparables. Start looking around your neighborhood for homes of similar size to yours that have sold in the last year and see what they have been going for. You appraised value is going to be weighted heavily towards comparables.
For example, Zillow had my house at $290k but it appraised for $320k when I recently did a refi. I knew it would beat $290k based on looking at recent sales in my area.
Noodleface
A Mod Real Quick
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opiate82
Bronze Squire
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Appraisals are also all over the board as the industry adjusts to regulations and what not.
What I did was I printed out four-to-five recent home sales in my area to give him. I didn't approach it like a "I'm telling you how to do your job" but more like "not sure if this helps you or not but you can take these print outs." My neighborhood was kind of unique because it is a highly desirable area of town but the house is small compared to most. If you go a few miles down the road you'll find lots of houses my sized but in shitty neighborhoods. An appraiser not familiar with the area wouldn't know the difference. I knew to do this after my first appraisal came back at a ridiculously low $260k a couple of months prior thanks to comparables that other than house size weren't at all comparable to mine.
What I did was I printed out four-to-five recent home sales in my area to give him. I didn't approach it like a "I'm telling you how to do your job" but more like "not sure if this helps you or not but you can take these print outs." My neighborhood was kind of unique because it is a highly desirable area of town but the house is small compared to most. If you go a few miles down the road you'll find lots of houses my sized but in shitty neighborhoods. An appraiser not familiar with the area wouldn't know the difference. I knew to do this after my first appraisal came back at a ridiculously low $260k a couple of months prior thanks to comparables that other than house size weren't at all comparable to mine.
Noodleface
A Mod Real Quick
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The only things I can think of that will help us is the area is filled with homes built in the 40's, ours was completely renovated when we bought it (down to the studs, literally).
That might be why we appraised higher when we bought it. I dont think Zillow accounts for that.
That might be why we appraised higher when we bought it. I dont think Zillow accounts for that.
meStevo
I think your wife's a bigfoot gus.
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It isn't. Just a data point, and is only valuable in the context that it's a website automatically generating it for you based on comps that might not be very good.
We listed our house for $220k and are sceptical it will appraise for that much (expecting $210k or so). We accepted a bid 2nd day on the market for $222k, 5% down FHA and very clean (no contingencies, etc).
Appraisal on Monday, and they have until tomorrow to respond to the inspection to try and get the $500 repair credit.
Model matches from the last 9 or so months are $205-$209k, Zestimate is pretty close to that, $211k.
We listed our house for $220k and are sceptical it will appraise for that much (expecting $210k or so). We accepted a bid 2nd day on the market for $222k, 5% down FHA and very clean (no contingencies, etc).
Appraisal on Monday, and they have until tomorrow to respond to the inspection to try and get the $500 repair credit.
Model matches from the last 9 or so months are $205-$209k, Zestimate is pretty close to that, $211k.
Noodleface
A Mod Real Quick
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I asked for our appraisal from the bank because I can't understand a 45k drop on our property that fast. Might still do it to know where we stand but not hopeful.
Borzak
Bronze Baron of the Realm
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When I helped my parents sell their house I was over one day and someone was sitting at the gate. Far enough away and behind enough trees you can't see the house from there. I walked up there to ask what they were doing. Appraisal guy, asked if he wanted in the gate. Nope that was good enough. Umm ok. I really don't see how you appraise a house without actually setting foot on the property.
Palum
what Suineg set it to
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Noodle, do you have access to the state MLS? Look up nearby houses that have sold. If it's comparable-ish (round the same build date, not wildly different lot location like next to lake vs not, around same size, etc.) use that. Do $/sq foot. You can gain or lose a little bit for improvements or other stuff but for instance if all your neighbors in nearly identical houses with the same types of upgrades on the same types of lots have sold for 220-230K over the last 6 months then your appraisal will come back the same and you will be wasting money.
Don't rely on zillow, you can use 'recent sales' if you want but I'd only trust MLS to list the comps. Any realtor friend should be able to do it if you can't find access. I know there are several realtors in AZ that let you run direct searches of any type against ARMLS in their website. Kind of skirts around the licensed access rules by just hiding owner contact info and occupancy.
Don't rely on zillow, you can use 'recent sales' if you want but I'd only trust MLS to list the comps. Any realtor friend should be able to do it if you can't find access. I know there are several realtors in AZ that let you run direct searches of any type against ARMLS in their website. Kind of skirts around the licensed access rules by just hiding owner contact info and occupancy.