Bank Appraisal for HELOC
My wife and I are about to take our 3-family house and convert it into a one family in Carroll Gardens, and for part of the renovations we wanted to use a HELOC line. The bank (Citi) is about to send over an appraiser. I guess my question is what we should expect in terms…
My wife and I are about to take our 3-family house and convert it into a one family in Carroll Gardens, and for part of the renovations we wanted to use a HELOC line.
The bank (Citi) is about to send over an appraiser.
I guess my question is what we should expect in terms of the difference between what we think the “market” price is currently for our four story Carroll Gardens townhome versus where the appraisal will come in.
I would presume bank appraisers right now are rather conservative, but if we think the price of our brownstone if we were to sell is around $2M, could we expect that a bank appraiser could come in well under this?
Well, the appraiser came by today and he was incredibly friendly and talktative as we went through the house. Amazing actually.
I can only hope he will be as fair in his assessment/appraisal as he seemed to be when I spoke with him.
The bummer is that there are very few buildings similar to mine on the block I am on which have sold recently. There is actually a sister brownstone to ours that sold 1 year and a few months before that would be a great comp, but he thought it would be too old for Citi to consider in terms of the sale date.
Frustrating.
I am not sure of the size of your home but i will say the homes in Carroll Gardens have been selling for a pretty penny.
you never know with bank appraisers. We just got a HELOC from a major bank and while here, the appraiser literally wouldn’t say one word to us beyond hello and goodbye…not at all interested in being shmoozed. We thought he’d come in way under what we think the house is worth but actually he appraised it higher! So I guess ya never know. But like slopefarm said, be prepared with your own comps in case the appraiser is receptive to your ‘help.’
ss19 —
My guess is that the range is pretty wide. Generate your own list of comps. Look at the zillow comps for your house, pick the 2 or 3 that are most like yours (and be honest about it) and nearest by, and make sure they are at or above the value you need. Give these to the appraiser. Appraiser is under no obligation to use them but chances are s/he will at least look at them.
Yeah, this wasn’t quite the response I was looking for. Unbelievable.