From:  Slain 
Newsgroups: misc.consumers.house
Subject: Re: Bank Appraisal - Selling Price
Date: Mon, 24 Sep 2007 10:48:46 -0700
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On Sep 24, 8:34 am, Slain  wrote:
> On Sep 23, 2:52 pm, "Travis Jordan"  wrote:
>
> > "Una"  wrote in messagenews:fd661t$p2i$1@doliolum.localnet...
> > > Travis Jordan  wrote:
> > >>Have your real estate agent do 'comparable sales' based on the last four
> > >>months of sales history in your area.  If your agent says "we can't /
> > >>don't
> > >>/ won't do comparable sales because (fill in the blank)" then find another
> > >>agent.
>
> > > That's what a licensed appraiser does, at least in my state.
>
> > Appraisers are supposed to used comps, but the choice of comps is what
> > matters.  In my experience an appraiser can make the property value almost
> > anything they want by the choice of favorable (or unfavorable) comps.
>
> Thanks guys!!! I was able to negotiate with the sellers and got 20k
> further off for repairs. Thanks for all the suggestions. I do have one
> more question
>
> I do have a PMI, since I put only 5% down and talked to bank who said
> they take off the PMI within a year under the exceptional case where a
> structure is added to home.  It qualifies as significant addition and
> if the appraisal causes the value to go higher than the 20% of the
> mortgage the PMI comes of.
>
> So my question is how this is factored into the appraisal.
> The bank appraisal now, did the total appraised cost ( land +
> building) / total living square feet
> Though I think it should have been Total Building value / total living
> square feet
>
> Also, when I need to get the PMI off, can I get a personal appraisal
> done and send it to the bank by showing additions or will the bank do
> it's own appraisal ?
>
> Thanks again

BTW I did not use a realtor...I just did the research myself and
negotiated myself.

Thanks