Property appraisal vs Bank`s internal evaluation system

[nepoez]

Hi all,

Here is yet another rookie question from me. I`ve recently spoke with my banker about a HELOC and asked to get an appraisal of my resident property, I had a choice to get an appraisal or use the city`s assessment. I chose appraisal because the assessment is quite low. However the underwriter handling the case used the internal evaluation system instead. The value was much higher than the city`s assessment.

My question is, should I get an appraisal instead in case the appraisal gets a higher value?

Thanks again!

 

[SamEfford]

Are you satisified with the internal estimate?

Does it allow you to meet your goals that the money is intended for?

Can you continue to ask for increases if the value rises?

 

[nepoez]

Thank, that actually let me know what to do. The amount is enough for what I need now. I can re-apply if value rises later.

QUOTE (SamEfford @ Apr 29 2008, 06:29 PM) Are you satisified with the internal estimate?

Does it allow you to meet your goals that the money is intended for?

Can you continue to ask for increases if the value rises?

 

[GarthChapman]

Register the HELOC at the full property value and then you can go back for more as Sam suggests as the value rises, without the cost of lawyer`s fees and registering a new loan on the Title.