Factors in apprasing a home and when its best to appraise

[LAAFTERHOURS]

Apologies up front if this is in the wrong forum. I recently purchased a home in December and put down about 17% so I am paying PMI. When our appraisal was done for our home, they took comps from other subdivisions and not ours and appraised it at the price the seller was asking (which was a bit above our offer and eventual sales price).

I would like to reappraise our home as soon as its highly likely that it will appraise the 20% threshold. I have pulled some stats on the 4 surrounding subdivisions as well as ours on recent sales:

My subdivision:
(Same Street) $210 sq ft, 300 sq ft smaller sold for 46K more two weeks prior to ours
(Same Street) Sold May 2009 $182 sq ft, 200 sq ft smaller sold for 25K more
Nov Sale $200 sq ft, 200 sq feet smaller sold for 45k more
$166 sq ft, 200 sq ft smaller sold for 45K less (this one tosses a wrench in the situation)

Subdivision 1: (smaller homes but equal taxes)
$221 sq ft, 400 sq ft smaller sold for 55K more
$226 sq ft, 400 sq ft smaller sold for 65K more

Subdivision 2: (smaller homes but higher taxes)
$211 sq ft, 200 sq ft smaller sold for 65K more
$234 sq ft, 600 sq ft smaller sold for 25K more

Subdivision 4 (Gated and larger homes)
$189 sq ft, 100 sq ft larger sold for 70K more
$181 sq ft, 800 sq ft more sold for 180k more

Subdivision 3 (larger homes but higher taxes and furthest away)
155 sq ft, 600 sq ft more sold for 50K more
158 sq ft, 300 sq ft more sold for 25K more

So based on all of this data, I dont want to jump at appraising to waste the cost to appraise but I would love some input on anyone that has gone through this to get an experience or recommendations.

I should add that the house we purchased was not upgraded anywhere. We have already redone the kitchen (everything except the cabinets which were new) and updated some minor touches to make the home cosmetically more appealing (updated all lighting and some landscaping work). I know cosmetic changes dont increase the value by the thousands but a white painted/ white ceramic tile home with overgrown landscape and cheap lighting usually dont help appraisals.

Last word – any recommendations on appraisal companies? Thanks in advance.

[sdrealtor]

Dont take this as gospel but I think you are stuck with that PMI for at least a couple years even if it does appraise with a LTV below 80%.

[sdrealtor]

Dont take this as gospel but I think you are stuck with that PMI for at least a couple years even if it does appraise with a LTV below 80%.

[sdrealtor]

Dont take this as gospel but I think you are stuck with that PMI for at least a couple years even if it does appraise with a LTV below 80%.

[sdrealtor]

Dont take this as gospel but I think you are stuck with that PMI for at least a couple years even if it does appraise with a LTV below 80%.

[sdrealtor]

Dont take this as gospel but I think you are stuck with that PMI for at least a couple years even if it does appraise with a LTV below 80%.

[(former)FormerSanDiegan]

Look closely at your loan doc’s to determine conditions under which PMI might be removed. In many cases it cannot be removed within a year or two of origination, regardless of value.

The best time to get an appraisal is shortly after a nearby similar house is sold at a higher price.

I think it is highly unlikely that your lender would accept an appraisal within a month or two of your purchase over the original appraisal. (Did it happen to appraise above/below the price you paid?)

How much is the PMI monthly ?

How much is 3% of the purchase price ?

[(former)FormerSanDiegan]

Look closely at your loan doc’s to determine conditions under which PMI might be removed. In many cases it cannot be removed within a year or two of origination, regardless of value.

The best time to get an appraisal is shortly after a nearby similar house is sold at a higher price.

I think it is highly unlikely that your lender would accept an appraisal within a month or two of your purchase over the original appraisal. (Did it happen to appraise above/below the price you paid?)

How much is the PMI monthly ?

How much is 3% of the purchase price ?

[(former)FormerSanDiegan]

Look closely at your loan doc’s to determine conditions under which PMI might be removed. In many cases it cannot be removed within a year or two of origination, regardless of value.

The best time to get an appraisal is shortly after a nearby similar house is sold at a higher price.

I think it is highly unlikely that your lender would accept an appraisal within a month or two of your purchase over the original appraisal. (Did it happen to appraise above/below the price you paid?)

How much is the PMI monthly ?

How much is 3% of the purchase price ?

[(former)FormerSanDiegan]

Look closely at your loan doc’s to determine conditions under which PMI might be removed. In many cases it cannot be removed within a year or two of origination, regardless of value.

The best time to get an appraisal is shortly after a nearby similar house is sold at a higher price.

I think it is highly unlikely that your lender would accept an appraisal within a month or two of your purchase over the original appraisal. (Did it happen to appraise above/below the price you paid?)

How much is the PMI monthly ?

How much is 3% of the purchase price ?

[(former)FormerSanDiegan]

Look closely at your loan doc’s to determine conditions under which PMI might be removed. In many cases it cannot be removed within a year or two of origination, regardless of value.

The best time to get an appraisal is shortly after a nearby similar house is sold at a higher price.

I think it is highly unlikely that your lender would accept an appraisal within a month or two of your purchase over the original appraisal. (Did it happen to appraise above/below the price you paid?)

How much is the PMI monthly ?

How much is 3% of the purchase price ?

[SK in CV]

Usually the lender will arrange for the appraisal and charge you for it. Normally, you won’t get to choose. Lenders are not required to cancel PMI until the loan balance falls below 78% of the original purchase price. You can request cancellation when it falls below 80%. (You may still have to pay for an appraisal because lenders are not required to cancel if current value is less than what you paid.)

You can also go the route you’re going, but most lenders, as allowed under federal law, can also require that the loan be at least 2 years old, with a good payment record of no lates in the last year. If your lender has that stipulation, you’re out of luck for the moment.

[SK in CV]

Usually the lender will arrange for the appraisal and charge you for it. Normally, you won’t get to choose. Lenders are not required to cancel PMI until the loan balance falls below 78% of the original purchase price. You can request cancellation when it falls below 80%. (You may still have to pay for an appraisal because lenders are not required to cancel if current value is less than what you paid.)

You can also go the route you’re going, but most lenders, as allowed under federal law, can also require that the loan be at least 2 years old, with a good payment record of no lates in the last year. If your lender has that stipulation, you’re out of luck for the moment.

[SK in CV]

Usually the lender will arrange for the appraisal and charge you for it. Normally, you won’t get to choose. Lenders are not required to cancel PMI until the loan balance falls below 78% of the original purchase price. You can request cancellation when it falls below 80%. (You may still have to pay for an appraisal because lenders are not required to cancel if current value is less than what you paid.)

You can also go the route you’re going, but most lenders, as allowed under federal law, can also require that the loan be at least 2 years old, with a good payment record of no lates in the last year. If your lender has that stipulation, you’re out of luck for the moment.

[SK in CV]

Usually the lender will arrange for the appraisal and charge you for it. Normally, you won’t get to choose. Lenders are not required to cancel PMI until the loan balance falls below 78% of the original purchase price. You can request cancellation when it falls below 80%. (You may still have to pay for an appraisal because lenders are not required to cancel if current value is less than what you paid.)

You can also go the route you’re going, but most lenders, as allowed under federal law, can also require that the loan be at least 2 years old, with a good payment record of no lates in the last year. If your lender has that stipulation, you’re out of luck for the moment.

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