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I bought house few years back - need to get rid of PMI.

Details: I am about 89% into the loan. The payment to get to 78% isn't feasible at this time. They allow appraisal to get PMI dropped, however it has to be valued at 20% more than the original loan value.

The county I live in recently sent us appraisal papers, and they listed our house literally $1K less than the 20% above loan value that is needed. Retail sites like Zillow, Redfin, etc..., continuously list well over 40% Loan to Value.

Questions:

What are some tips and tricks, if there are even any? I've searched and most sites/blogs say that going ultra-cleaning and whatever doesn't really help as they're about functionality, longevity, and amenities, not to mention location and local values instead of how well the floors shine.

I guess other than finishing up any projects I have, like replacing trim, at least one of the toilets (it works, just sucks at working right and is a child's size), doors/paint, and that sort of thing, is there anything else?

Cheers.

I bought house few years back - need to get rid of PMI. Details: I am about 89% into the loan. The payment to get to 78% isn't feasible at this time. They allow appraisal to get PMI dropped, however it has to be valued at 20% more than the original loan value. The county I live in recently sent us appraisal papers, and they listed our house literally $1K less than the 20% above loan value that is needed. Retail sites like Zillow, Redfin, etc..., continuously list well over 40% Loan to Value. Questions: What are some tips and tricks, if there are even any? I've searched and most sites/blogs say that going ultra-cleaning and whatever doesn't really help as they're about functionality, longevity, and amenities, not to mention location and local values instead of how well the floors shine. I guess other than finishing up any projects I have, like replacing trim, at least one of the toilets (it works, just sucks at working right and is a child's size), doors/paint, and that sort of thing, is there anything else? Cheers.

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[–] • 2 pts (edited )

It has been a long time since I appraised a home. However, I can share my experience with you.

First a tax appraisal is for tax purposes, you want it as low as you can get it, in order to pay low taxes. The city sends this to homeowners as a curtesy.

Second, a "Real Estate appraisal" from an appraiser's firm is for a home loan, refinance or land use value.

It will give you what the market will bring for your home.

This type of appraisal is requested by the banks or mortgage companies, but can be requested by the homeowner also. In my day, the bank and mortgage companies charged 350.00. For a homeowner to request an appraisal from an appraiser was around 150.00 with 3 comparables and pictures. The 3 homes he compares to your home will be within a 5 mile radius and sold within the last 6 months.

Call several companies in your area and ask what they will charge you. While you speak to the appraiser, get a feel if that person is someone you like, or not. Call at least 3 -5 places.

Some appraisers are conservative in their estimates; some are not. Some are through and are very picky, others are not.

I can offer this advice: Make sure your home is clean, very clean, it makes a difference. No underwear on the floor. I never flushed a toilet, or opened a window because I am not a home inspector. I am there to see what the market will bear for your home. Location will give the most weight to the estimate.

Make sure the lawn is tidy, and outside spaces are neat and clean. The appraiser will be measuring your home from the outside, all four or more sides. So rake and edge.

Then he will enter the home and begin to look at the crown molding, trim, flooring type, etc. He is documenting the type of construction and additional improvements made to give it a value. He will do this for each room. He will list your kitchen appliances, AC unit, heat pump, water heater, etc, etc. He will also look in the attic for type of insulation.

As he looks around at the "condition" and improvements of your home, he will unconsciously notice how clean and fresh and tidy your home is (how much you care for it).

If you have not spoken with your appraiser before he comes to your home, try to do so, if you must speak with him while he is at you home, do so and then leave him alone. He must concentrate on the appraisal. The more details he can record without interruption, the better the appraisal. Thank him when he leaves and ask any questions then, not while he is performing the appraisal.

You should receive it within a few days. Any questions?

[–] • 0 pt

This is exactly the advice I was looking for - thank you, very much!

I would think having a clean house would be expected, but I wasn't sure on lawn, trims, paint, all that good stuff. I think I am trying to get it done sooner than later because of housing prices being bubble right now, so the higher the relative value, the better chances I have of getting higher appraisal.. Or so I would think..

Anyways, thanks!

[–] • 1 pt

Also the appraiser works for you. They are required to give a fair value based on similar real estate in the area, but they have a small amount of flexibility. It is appropriate for you to mention the reason for the appraisal and thereby indicate which direction you want the appraisal to go. And if you don't like the results hire a different appraiser.