Looking for Home Equity Lenders who use "Drive-by" or "Automated Valuation" appraisals in NJ

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Icon Mini Profile steve7





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Post Posted: Thu Feb 19, 2009 4:18 pm    Post subject: Looking for Home Equity Lenders who use "Drive-by"
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Looking for Home Equity Lenders who use "Drive-by" or "Automated Valuation" appraisals in NJ...I am looking to get a Home Equity loan or HELOC. Does anyone know of lenders in NJ who use "Drive-by" appraisals or Automated Valuation" appraisals for loans under $100,000?
My city assessed value is about $130,000. My present mortgages total about $55,000, and the house must be worth at lease $200,000 even in this down market.
Icon Mini Profile eric1
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Post Posted: Thu Feb 19, 2009 7:13 pm    Post subject:
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I am in NJ, but just wondering why you specifically require a drive by valuation. It sounds like your home value should be more than enough regardless as to how the value is determined. You already have a loan of $55k on the home. How much did you want with your HELOC?
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Icon Mini Profile jameshogg
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Post Posted: Thu Feb 19, 2009 7:56 pm    Post subject:
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Hi steve,

I think you should contact the appraisers of your area and check out with them whether they can go for drive by or automated valuation appraisal or not. But I think a full appraisal of the property will help you in determining the actual price of the property.

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Icon Mini Profile JKennedySLG
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Post Posted: Wed Apr 01, 2009 5:53 pm    Post subject:
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The only loan programs with a "drive-by" or "automated valuation" in NJ that I do know about would be Hard Money. The rates and fees associated with this type of loan are high and def. not your first choice. I hope this helps...
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Icon Mini Profile gmakerley
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Post Posted: Thu Apr 02, 2009 8:22 am    Post subject:
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based on james' post, i would call it foolish to pay hard money rates and drive-by appraisal fees. a regular appraisal fee isn't that much more than what would be charged for a drive-by, and the resulting "a-paper" loan rate would be substantially better than hard money rates.

this, to me, would be a no-brainer.

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