Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
bank reassesment to drop PMI
when the bank comes to reasses your home, do they factor in any upgrades that have been done or do they only look at the current market and recent home sales in the area?
thanks
Re: bank reassesment to drop PMI
What type of appraisal are they doing?
A drive-by or a walk-through?
The apprasier is a 3rd party the bank hires to do the apprasial.
If they drive-by they will look at the exterior and the neighborhood and then compare your home to others like it in your area that have recently sold.
If they do a walk-through, the appraiser will see the interior and be made aware of any upgrades.
If you have truly done a bunch of renos or upgrades that could significantly impact your apprasial, you should let your bank know. Things like bathrooms, kitchen, deck, finished basement, new roof, new windows, new mechanicals would all be important to tell them.
If it's stuff like light fixtures, paint, and carpet, I'd probably let them know but not insist on a walk-through.
I'm really not sure about that because when I called the bank, they just told me the cost is $275 for them to send someone out to reasses.
I'll have to make sure that we get a walk thru because we've gutted the kitchen and the full bath was totally redone
Thanks