Thornton Appraisal, Inc

Providing residential real estate appraisal services.

We are Certified Residential Appraisers utilizing state of the art resources and delivery capability. All of our data sources are on line allowing us to have the latest up to date sales and listings

Our coverage of the Atlanta metro area includes over 10 counties with turnaround time rarely exceeding 7 working days.

Welcome

Listing Before you Refinance

A big mistake that investors often make is listing a property for sale and then trying to refinance the property after it won�t sell. If you decide you would like to take equity from the property, do not list the property for sale. Lenders are leery about giving borrowers money for property that was listed on the MLS and didn�t sell.

Appraisers have access to the MLS and check to see if a property was previously listed. Because the vast majority of properties sell through the MLS system, it is a very good indicator of true market value. Thus, if a property was listed for 90 days in a market where the average time on the market is 60 days, there is good reason to question the value of the property. It�s one thing to say a property is theoretically worth $200,000, but if it doesn�t sell on the open market for that price within a reasonable time period, then it�s probably not worth $200,000. If you try to refinance based on a $200,000 value, chances are the appraisal will come back much lower.

You should decide your "exit" strategy before you purchase the property. If you use bridge financing, then intend to keep it as a rental, you are going to need to refinance the debt you used to acquire the property. If you buy a fixer, for example, then improve the value, you can get a loan based on an appraisal of the new (increased) value of the property.

Example: You purchase a property for $150,000 that needs $15,000 in rehab. When complete, the property should sell for $200,000, but in its "as is" condition, it will only appraise for $175,000. After the rehab, you are into the property for $165,000, you refinance for 80 percent of the new value ($200,000), and you end up with a $160,000 loan, thus only $5,000 actually comes out of your pocket.

However, if you listed the property on the MLS for $200,000 for several months and it did not sell at that price, you are likely to get an appraisal for $190,000 or less, meaning you can only borrow $152,000 (80% of $190,000), in which case your out-of-pocket expense is $13,000. The problem is further compounded if you dropped the price several times, then decided to take it off the market for a refinance, expecting an appraisal for the original listing price.

The lesson here is to be careful about showing value if you intend to refinance the property. Appraisals are opinions of value, but the people who review the appraisals look at the real market to determine whether they want to lend. In some cases you can justify the value despite your listing price that didn�t result in a sale, but it is difficult to convince a loan underwriter if you bought the property for 25 percent less just a few months ago.

bridging loans - Bridging Loans Fast same day decision. Residential & commercial bridging Loans/ bridging finance.
personal loans - Need personal loans or cash loans? Borrow up to $1,500. Apply online and have lenders compete for your business. Bad Credit? No problem
hand painted plate VILD brings to you our elite and exquisite range of accessories and home decor products including hand-made and hand-painted plates, planters, lamps, boxes, vases, candlesticks, sculptures and many other unique items and gifts from around the world.
reduce credit card debt Debtfreedestiny.com has been offering free consultations and helping people find debt relief since 2000. Start now to get out of credit card debt completely.
Fort Worth DWI THE DWI Defense Attorney for Dallas and Fort Worth, Texas.
Skip Hire Gosport Formed in 1995 TJ Group has grown to be one of the most highly respectable Waste Management, Haulage, Skip Hire and Recycling companies along the M27 and A3 corridor.
Alarm Company If you are looking for a Security Company to handle all of your security needs then Walker Home Security is the right place.
Credit card debt Get Debt Free have a proven track record in the field of personal insolvency. Contact us for help on getting out of credit card debt and taking control of your
Fort Worth DWI Attorney Attorney Paul Previte specializes in DWI & DUI defense, criminal defense, bail bonds. Law offices of Paul Previte serve entire Dallas Fort Worth Metroplex including Texas counties.
Securing your automobile with insurance is one of the most vital tasks when having your own car. That is because the risk of encountering a minor accident is never far whenever you drive it in any place. However, you may realize that it is a tough job to look for an insurance company that can provide you with cheap car insurance quotes and services that will fit your needs. All you basically have to do is go online and search for car insurance companies and check all the offerings they have so you can identify which of these companies can give you the best deals for your automobile insurance.
Make plans for the future at badcredit.org.uk and escape your financial difficulties
Find out all about forex at http://www.foreignmoneyexchange.org and improve your investments