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webhopper wrote:
You could take out a personal loan to pay down the balance in oder to refinance. Not sure this will help.

I would recommend that you pay to have the house appraised at this point.

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+1

Zillow and the other automated valuation models (AVM's) are not really a viable way to determine real value.

An appraiser is worth their fee if they are local and experienced with your area. The market is rapidly changing now: increased demand and very low supply, at least in my area of the country. This makes a market for increasing prices. If you want to feel out your price, have an agent come over and give you a CMA for your neighborhood, then make your decision about the appraiser. After all, the CMA is free.

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StartingOver10 wrote:

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webhopper wrote:
You could take out a personal loan to pay down the balance in oder to refinance. Not sure this will help.

I would recommend that you pay to have the house appraised at this point.

---

+1

Zillow and the other automated valuation models (AVM's) are not really a viable way to determine real value.

An appraiser is worth their fee if they are local and experienced with your area. The market is rapidly changing now: increased demand and very low supply, at least in my area of the country. This makes a market for increasing prices. If you want to feel out your price, have an agent come over and give you a CMA for your neighborhood, then make your decision about the appraiser. After all, the CMA is free.

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Thanks StartingOver10. Looking in to finding a local appraiser and a reputable realtor for a CMA.

There are some some factors that may increase demand in my area, namely the FBI headquarters moving to the county I am in, and possibly to the town my condo is in.

You might be eligible for the FHA refinance program since you don't have a fannie or freddie loan.

It's somewhat of a nuclear option, but you are allowed to borrow from your 401(k) for a home purchase, and at a very low rate (my 401k offers loans at 1.25%). That may give you the cushion you need to buy your way out of the current mess.