I Have Afew Questions Regarding Cash-out Refinancing
The Creative Investor e-newsletter sent out on the 30th of September contained an article about Cash-out refinancing.
My question(s) regarding cash-out refinancing are: How does one go about finding out the value of a property other than appraising? Is there a way to find out what other houses or multi-family units have sold for in your area/zip code on-line or just at the county court house?
The reason for these questions is that property value has increased for everyone (as the media would suggest) and I want to try and cash-out refinance my duplex but I am told that due to the school district in my township, the value of my property has not increased as much as I hoped. My unit is located in the perfect spot next to a business shopping center and bank; I have poured 6k into fixing it up and making it appealing with landscaping. It sits on a very well kept block where 1/2 of the block is twins and the other 1/2 is duplexes. The last time I put a FOR RENT sign up, I received 24 messages about renting in 9 days!
It also however sits on the border line between a good school district/county and a not so good school district/county.
(I am kind of new to investing but I have 3 properties already)
Please help any advice is greatly appreciated.
Thanks,
You can make your best guess through comps (comparable sales). Find out what comparable houses have sold for around your area and take the highest and lowest prices, youres would be roughly in the middle. If you are looking to refinance though you wil have to get an appraisal, to get a true value of the house for the lender. Sometimes they will wrap it into the closing costs for you so you dont have to come up with any cash out of pocket. For an even more detailed response though you should post lending questions in the mortgage buyers forum, thats all they do is mortgages, so they might have more insight into the industry.
Good Luck,
Kyle
Kyle
Thank you for the advice!
styler
i you are active in real estate, then establish relationships with realtors and appraisers who can do this for you for free. What's in it for them? Well, when you need a realtor or an appraiser, they can get your business.