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Find The Value of Your Home

posted Jan 26, 2009, 1:26 PM by Casey Elliott   [ updated Sep 5, 2009, 10:50 PM ]
The first question you need to ask is what value am I looking for? Refi or Sale Value?
 
There are two types of value you can obtain for your home, the refinance value and the selling value. The refinance value is the amount of money a bank will lend to you on a particular property. The selling value is the amount of money a buyer will buy the property for. These two values are different depending on several factors includeing market conditions, property condition, etc.
 
A refinance value is determined by getting an Apprasial done.
 
A selling value is done by getting a Broker Price Opinion (BPO) done.
  1. You can get an appraisal done ranging from $250-$650 depending on the home. (Remember an appraisal is just what a bank will give you a loan on, it does not represent what you can sell a home for.)
  2. As a real estate Broker, I offer BPO’s for $150. This is a detailed report of your home which you can utilize to price your home accordingly when you list it for Sale. If this is something you would like, please call my office to schedule a time for me to come out to your home to perform the BPO. (This is not a listing presentation, or sales call.) I’m registered to perform BPO’s for WellsFargo, and CountryWide Bank. These banks use BPO’s like mine to determine value on properties that they are looking to sell.
 
You may be asking, what about sites such as Zillow and Cyberhomes? Dont these websites offer a free value of my home? Yes they give you a free guesstimation value. However, this value is neither a refinance or selling value, it is merely a general value of your home.
 
Summary of Choices to Value your home.
  • Apprasial Cost $250-$650
  • Broker Price Opinion (BPO) Interior BPO (more detailed)
    • Interior BPO - Cost $150
    • Exterior BPO - Cost $75
  • Guesstimation (free click here)
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