October 21st, 2009 9:38 AM by Eric Fang
Here is the question from one of my clients today:I have some more houses sold in my street close to 650k.Do you think i can refinance now with out putting any further down?
My answer:The county assesor may take the highest value in the neighborhood,the lender usually takes the lowest 3 values for the same sqaure footage, rooms, etc as the comps. So though even one property sold 650k, as long as there are any properties soldlow in the neighborhood in the past three months, the valuecould be still low. Since there are some low sales in the neighborhood, we still can not assume the value is higher,unless you want to try to do a real appraisal.