Tuesday, July 24, 2007

Appraisal

I forgot to mention that we got the appraisal back yesterday. It was for exactly the amount that we're borrowing on the house. The bank said that's standard - you don't want it to be higher for 2 reasons.

1. The seller can back out if they think they've sold it for too little.
2. Property taxes are based on the appraisal amount.


We were really looking forward to getting the appraisal because we are convinced that the house is worth more than we're paying for it, and we wanted to know how much more. The banker said that you only get true-value mortgage appraisals when you do a refinance. I guess if we really wanted to know, we could pay for a true-value appraisal, but since we had to pay for this appraisal I doubt we're going to do that.

I did get my insurance quote today. It was about $500.00 higher than had been estimated (by realtor and banker). Really good coverage. Of course, the program they used figured that it was going to cost almost $70,000 more than what we're paying for the house to rebuild it if something happend. I wonder if that indicates the value in any way? Probably not. Plus it figured that we would have $112,000 worth of personal property! I always scoff at those numbers, and then I think "If I had to replace all of my books tomorrow, even if I figured I only have 1,000 books (I'm pretty sure I've got more than that. One thing I'm really looking forward to is getting all of my books out for the first time in at least 5 years. I've had boxes of books in the garage because I had nowhere to put them.) at $8.00 per book....Then there's CD's - several hundred of them between the two of us, fishing and hunting stuff, clothes, furniture.....I guess it does all add up. And it's not value of what we have but cost to replace it.

Plus, did you know that you can get a "Sewer Rider" on your homeowner's policy? That way when you come home and sewer water is flooding your house, you get to go stay in a nice hotel and buy a bunch of new stuff while someone else has to deal with the clean-up? This is a good thing, and cheap in the scheme of things (I've heard an extra $10 - whether month or year, it's worth it to me) and very definately recommended. As are backflow preventer's that would prevent the problem in the first place. We're going to have both - just in case.

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