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We have a lot of upgrades in our house.

Can we make sure that gets into consideration for our appraisal? But all of that is inside the home (kitchen, baths, some of the rooms, cabinets ...). How will that work, I think the appraiser does it only from outside. How can we get our upgrades accounted for and get a better value for our home to meet our LTV. Can we ask our lender? by SamFridrich1971 from Villa Park, California. May 20th 2011 Reply


Michael Ertem (mertem)
#434 ranked lender in California - 6 contributions

You have to have full appraisal where you can get value for the upgrades. Upgrades in kitchen and bathrooms will give you higher value providing your home is upgraded better than average comparing the properties in your vicinity. Michael ErtemRPM Mortgage925-973-5701mertem@rpm-mtg.comwww.rpm-mtg.com/mertem

May 20th 2011
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Chris Gummerson (cgummerson11)
#397 ranked lender in California - 648 contributions

Your lending loan officer should account for your upgrades and order a full appraisal of the home, including outside, and in. When appraiser visits, walk with them and point out the items renovated or upgraded. Appraiser will make a note of them and adjust to value if appropriate. Good luck

May 20th 2011
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Dan Paladin (dpaladin)
#1 ranked lender in California - 741 contributions

Full interior appraisal is required as pointed out. Just inform the appraiser of the upgrades and it would help to provide the receipts for the cost and appraisers have their guidelines on how much to "value" those upgrades.

May 20th 2011
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Glenn Midnet (PremierMortgage)
#36 ranked lender in Florida - 10 contributions

Sounds Like you are just getting a Drive By Appraisal. Tell your lender you want a Full Appraisal done on your house but don't be shock if you don't get much for all your upgrades on your house.

May 20th 2011
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Jim Brown (www.JimBrownMortgage.com)
#28 ranked lender in New Jersey - 21 contributions

Appraisals for first mortgage refinances require a full appraisal including a walk through inside the home. A good appraiser will note recent improvements and further note in comparison to other homes. Square footage is also important, again must line up with comparables. Quality workmanship and quality of materials will be "commented" on. However, if you want credit for better than average ceiling fans, count on nothing there. Jim Brown, SUN Home Loans, a SUN National Bank Company 732.245.5121

May 21st 2011
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MIKE CONVIN (mconvin)
#6 ranked lender in Delaware - 202 contributions

hi: I as a underwriter perception, I would definitely have the appraiser provide sufficient comments...comps should be justifiable and make sense..As long as evidence is provided to support the market, area and for re-sale, that is what an underwriter is looking for mainly. An efficient appraiser will justify his reasonings etc vs the other comparables compared to your house.

May 21st 2011
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