Posted on: 10th Jun, 2012 02:30 pm
I own a property where I have permits to subdivide into 3 buildable lots. I am being taxed/assessed on the property on 3 separate tax bills, total value $1.1 million. The property though is being held on a single deed and I have mortgage of 650K. We want to refi and have the income and credit to do it BUT I want to know if an appraisal can take into account the permits when valuing the property as a whole?
I don't mean it could be valued at the 1.1 million, but I need it to value at 800 or so to refi (with some extra cash down). This is in Eastern MA. Thanks!
I don't mean it could be valued at the 1.1 million, but I need it to value at 800 or so to refi (with some extra cash down). This is in Eastern MA. Thanks!
hi easycoder,
as far as i can understand, if the property is deeded as a single one, then the appraisal will take place on the whole property. it won't take into account the permits. depending upon the equity that you have in the property, you will may be able to consider going for refinance.
thanks
as far as i can understand, if the property is deeded as a single one, then the appraisal will take place on the whole property. it won't take into account the permits. depending upon the equity that you have in the property, you will may be able to consider going for refinance.
thanks
Hi easycoder!
Welcome to forums!
To know all about refinance, check out the given page: http://www.mortgagefit.com/refinance.html .
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
To know all about refinance, check out the given page: http://www.mortgagefit.com/refinance.html .
Feel free to ask if you've further queries.
Sussane