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Question for the real estate gurus

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Question for the real estate gurus

Old 02-27-05, 07:28 PM
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Question for the real estate gurus

I bought my place in November 2002 with no money down (more or less), so I've been paying PMI. My neighborhood, meanwhile, has appreciated quite a bit -- enough that there's a distinct possibility that I've now got enough equity to dump the PMI. Is there any easy way to find out what my place is worth? Like maybe a publically available database of MLS listings that will let me know what people near me are selling their places for? Anyone?
Old 02-27-05, 07:52 PM
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You can check the sales of comparable units nearby. databases exist online, and even newspaper listings are a good guide. You'll still need to pay for an appraisal before the mortgagae company will revise your LTV ratio.
Old 02-27-05, 08:23 PM
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Just have it appraised - it's not that expensive. To determine whether or not it's worth having an appraisal though, you ought to check the comps. If you went no money down and it's only been a few years, it's not super likely. But I don't know your area, so I suppose it's worth a shot. Items for sale won't tell the story as much as the prices houses sold for. Asking price isn't the kind of comp you're looking for.
Old 02-27-05, 08:25 PM
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Ask the realtor who helped you buy the house if they'll pull comps for you - they might do it for free. If you had no realtor, call a favor from a realtor friend or simply ask any local realtor if they would pull comps for you - tell them what you want them for. It only takes a few minutes to look it up and they might get a client out of it.

To find a potential realtor to do this for you - look around the neighborhood for signs and see if one realtor dominates the area in listings and then call that person.
Old 02-27-05, 09:25 PM
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You should have been able to dump PMI within the first year knowing your neighborhood.
Old 02-27-05, 09:47 PM
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Search for the Township Assessor's website for your area. You can look up recent sales by address.
Old 02-27-05, 10:07 PM
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You need to ask your lender what they require to dump PMI. Every bank is a little different. Some don't need much, and some need a full appraisal.
Old 02-28-05, 08:47 AM
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Here's a nifty little tool from ditech - it's a free "eappraisal"

http://www.ditech.com/equity/appraisal/data.do

Should give you a rough idea anyway...
Old 02-28-05, 09:27 AM
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That link was really helpful for me - I'm looking for houses and it's nice to see some appraisals of the area before I put a contract in on anything. Thanks!
Old 02-28-05, 01:38 PM
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WOw, that link is pretty cool. heres my results:
Lot (sq ft): 4792
Dwelling Area (sq ft): 1139
Bedrooms: 3
Baths: 1
Stories: 1
Last Sale Price: $123,000.00
Last Sale Date: 01/31/1999
High Value Estimate: $432,000.00
Low Value Estimate: $401,000.00

We refinanced 2 and a half years ago. The house was appraised at around 200K and we were able to drop PMI.

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