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Shepard

Do not have appraisal value for home

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My co-sponsor is using the home for additional assets. He has almost 3 times the money in the bank to cover the difference between poverty rate and income. We have read that more is better, so we were going to list the house.

The house is fully paid off and has had several renovations and additions since purchased in 1983 for $40,000. He does not have an appraisal value for home, and the deed only lists $40,000. However, the insurance coverage is set by the insurance company for $107,000, and we have records to show this. Would that be adequate proof? The house is worth far more than the $40,000 it was purchased for 29 years ago.

Thanks!

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No, since they do not indicate the current value of the property.

I believe that appraisals are required when using real estate as assets.


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No, since they do not indicate the current value of the property.

I believe that appraisals are required when using real estate as assets.

The insurance company has the house valued at 107,000. This has increased over the years, and when a tree fell on the house a few years back they had to do an appraisal to asses what the property was worth. This is why I believe the insured value would be accurate. They did not give us a copy of it, and since this is just additional assets we are not prepared to spend the money on a new appraisal.

Does anyone have any experience with this beyond speculation?

Thanks!

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"Current market value" is the key phrase here. You do not know the current market value and so any attempt at stating it would be guesswork on your part. It might be close to what the insurance company decided, heck it might even be bang on, but you must have proof of this. You cannot just indicate a number and run with it, else when the inevitable RFE comes you will be asked to prove it and you will either have to withdraw it or show an appraisal.

In addition, the I-864 instructions state (p.8): "If you wish to include the net value of your home, you must include documentation that you own it, a recent appraisal by a licensed appraiser, and evidence of the amount of any and all loans secured by a mortgage, trust deed, or other lien on the home".

Edited by Hypnos

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Filed: Citizen (apr) Country: Australia
Timeline

Often property tax documents will have an "appraised" value on them. If he shows a copy of his extract showing that he's discharged the mortgage and has 100% equity, together with the property tax appraisal should be sufficient.

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Filed: Citizen (apr) Country: Australia
Timeline

My co-sponsor is using the home for additional assets. He has almost 3 times the money in the bank to cover the difference between poverty rate and income. We have read that more is better, so we were going to list the house.

The co-sponsor is required to have FIVE times the amount of difference in poverty rate and income. So he needs to use the property... the money in the bank is not enough as you said it is only "almost 3 times".

Edited by Vanessa&Tony

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The co-sponsor is required to have FIVE times the amount of difference in poverty rate and income. So he needs to use the property... the money in the bank is not enough as you said it is only "almost 3 times".

Sorry I meant he has the required FIVE times the amount, and has almost 3 times THAT amount.

Example:

Difference is 20k, the required 5 times is 100k. He has 299k in bank.

Sorry if my wording was confusing or wrong.

So no, we do not have to use the property. We were just going to add it in. But I think we will simply leave it out if we need a current appraisal. We already have the assets, and the money for an appraisal is just not in the budget.

Thanks all!

Edited by Shepard

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Filed: Citizen (apr) Country: Australia
Timeline

Sorry I meant he has the required FIVE times the amount, and has almost 3 times THAT amount.

Example:

Difference is 20k, the required 5 times is 100k. He has 299k in bank.

Sorry if my wording was confusing or wrong.

So no, we do not have to use the property. We were just going to add it in. But I think we will simply leave it out if we need a current appraisal. We already have the assets, and the money for an appraisal is just not in the budget.

Thanks all!

ooohhh yeah then I wouldn't worry about the house at this stage. If you're RFE'd for more info (which I doubt) then he can use it then

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Filed: Citizen (apr) Country: Nigeria
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They do not allow the use of insurance or tax "values" for properties. If must be a recent appraisal. Homes change so much in value and not always positively. There are homes further away from LA that sold for over 500k just a few years ago and now won't sell for 100k. Their value isn't reset until the next actual sale so on the books they look hugely valuable and you can't give them away.


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