Getting the most out of an appraisal (loan, approved, refinance)

[alexei27]

I posted this on my local board, but was hoping to get some help here also...

I got approved for a really nice refinance (4.49% for a 30 year with no points) and really low closing costs. The only show stopper could be the appraisal.

NY State requires that the appraisal come in within 105% of the total amount of the loan (nearly every other state in 125%!!!).

So, I need my home to come in at 255K or higher. It was appraised at 300K in Jan 2008 when we bought it.

It's a 4br 2 bath Cape on Long Island built in 1992. Structurally it needs no work (basically nothing has changed in the house in the 3 years we've owned it). The only thing I added was a pellet stove, and put in a closet in one of the bedrooms.

I'm wondering...is there anything I can do to get the most out of the appraisal? I fear i'm probably looking at 250K based on comparable sales...so it'll be close.

Anyone have ideas on what I might do in the next week and a half?

[dad2jules]

As far as I've always know a room without a closet can't be called a bedroom. Now that you've added a closet you've added a bedroom- that can only help your value. I would mention this to the appraiser when they come. Letting them know what upgrades you have made is fine as they may not know unless you mention it.

[raleighkc]

When I had an appraiser come value my house a few years ago, I gave him a list of everything that had been added/changed or that I thought increased value. Some examples: new stove, new dishwasher, new bathtub, house painted inside, removed carpet and installed hardwoods, re-stained deck, built-in cupboards, new/extended landscaping, driveway widened, etc. He said he appreciated having the information for his appraisal.