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

Posted on: 19th Feb, 2009 03:18 pm
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.
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?
Posted on: 19th Feb, 2009 06:13 pm
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.

Posted on: 19th Feb, 2009 06:56 pm
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...
Posted on: 01st Apr, 2009 05:53 pm
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.
Posted on: 02nd Apr, 2009 08:22 am
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