I recently put in an in-ground pool & spa. I would like to refi my HELOC to pull more money out. I pulled some comps of my house in this area and they are a little lower than I was hoping. I noticed none of them had a swimming pool and was wondering if an appraiser adds a specific dollar amount for a pool, only pulls pool appraisals (on the website I found it didn't give any such option) or if it doesn't factor in. When they did the first appraisal I think they just pulled comps. Nobody ever came over or anything. Also, I live in southern california where it is well over 100 degrees during the summer. A pool is definately a plus out here.
No two houses are alike..there are always differences in square footage and quality, types of materials, and additions. Your pool WILL give you an addition to value........great question.
I contacted my Credit Union who I currently have a HELOC with. I was hoping to refi it into a larger HELOC since the value of my home has gone up. They did the appraisal (free) and it came back about 30,000.00 less. I personally know of 2 homes exactly like mine (but without the pool) same size, same model that recently (in the last 30 days) closed but their appriasal service doesn't show them. Also, they said I get zero for having the in-ground pool & spa. The go by comps ONLY. I hate to go anywhere else because they have no fees at all associated with the heloc (I guess thats why they have such a crappy appraisal service) and their fees are great. Is it ever possible to get a 3rd trust deed HELOC?
They did the appraisal (free) and it came back about 30,000.00 less. ************************************************ ================================== 30,000.00 less. Than What?
Do they have a modification dep't....I just did a modification to my HELOC where they just raise the limit........
I asked about something similar to a modification but they can't do that. It has to be a total refi of the first heloc. I mean 30,000 less than what very recent home sales similar to mine have gone for. I'm talking in the last 30 days. Their company they get comps from are showing sales from 60-90 days ago. Nothing more recent when I know for a fact other homes have sold for much higher. I could probably wait a month or so and see if the new comps show up but then I lose the special they have of no fees.
Saying you get nothing for a pool because other homes don;t have them is just plain silly, almost to the absurd in a mortgage professionals mind. If you have an RV garage and no one else in the neighborhood has one, will you not get value for this as well? There are specific adjustments and additions to value based on all kinds of things...but the pool most deffinatley will have value. You are looking at a bank that is either very conservative or not giving you the real reason why they cannot find value. I would suggest calling an appraiser in your area and asking them what they think of this......and then finding a mortgage company to handle your loan.
