Appraisal to remove PMI from loan - roof has fascia rot

Reply

  #1  
Old 08-21-18, 09:39 PM
Member
Thread Starter
Join Date: Jan 2017
Location: United States
Posts: 68
Question Appraisal to remove PMI from loan - roof has fascia rot

Hello everyone.

So I want to remove the PMI on my home, I am surely over the 80/20 requirement and all others in order to remove the PMI. All I need is the inspection. Before I fork out the 350 bucks or so for an inspector to come out I would like to know if fascia rot affects the appraisal value, and if so how greatly? Would there be a percentage deducted? I can have it repaired for about 900 bucks and I wonder if it's worth spending the repair money first before just losing the money to the appraisal and then have it come back that they wont remove PMI because of the rot. I do eventually want to fix it, but I rather save the PMI for a few months and then invest that in the repair.

Thanks in advance for your help!
 
Sponsored Links
  #2  
Old 08-22-18, 01:14 AM
Marq1's Avatar
Member
Join Date: Sep 2016
Location: USA MI
Posts: 2,834
It seems like inspection and appraisal are mixed up.

If I understand the appraisal will be used to assess the properties value vs an inspection which would highlight deficiencies in the property.

Not to say that the appraisal would not take into account the condition of the property.
 
  #3  
Old 08-22-18, 03:41 AM
Forum Topic Moderator
Join Date: Mar 2005
Location: USA
Posts: 44,219
When my son had his house appraised a few months back there were 2 items that needed attention that we didn't bother to fix first. The appraiser estimated what those repairs would cost and deducted that from the house's value.
 
  #4  
Old 08-22-18, 04:17 AM
Member
Join Date: Jan 2010
Location: North East Kingdom of Vermont
Posts: 2,500
Originally Posted by ceez97
". . . I would like to know if fascia rot affects the appraisal value . . ."
Everything in Real Estate affects its value.

It can be Positive, Neutral or Negative.

Fascia Board Rot will not be positive or Neutral; so the question is whether you're confident that reducing the value by the costs of the repair will only cut $900.

I once had PMI the 1970s, and I had to prove that my equity exceeded 30% in order to have it removed.

Valuations for simple PMI removal should not require a full blown appraisal. As a Broker, I've done done $100 BPOs for this purpose, and some Agents will do them for less; but I'd get the fascia boards repaired if the damage is so obvious.
 
  #5  
Old 08-23-18, 12:31 PM
Member
Thread Starter
Join Date: Jan 2017
Location: United States
Posts: 68
Thumbs up

To be honest the rot is not bad. It's noticeable on one side of the house and then if you really look closely you can see other boards that will soon start to deteriorate after some time.

I might just give the appraisal a try in hopes that I wont lose the cost for the appraisal.

Thanks everyone for your input.
 
Reply

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Thread Tools
Search this Thread
Display Modes