HELOC and appraisals?

[Joe Boggin]

how long after a gifted property is in my name before i can get a HELOC? do some banks have a minimum amount the will lend? i know banks lend in the 60-90% LTV, but what if the property only appraised for 47k?

what do appraisers like to see??

im in a neighborhood where comps are all over the place. there are so many properties in this city that its tough to go by comps considering some 3/1s have sold for 30k and some have sold for 80k less than a mile apart! but of course thats over the past 3 years too!

there are many 3/1s listed for sale now by agencys for 62k, 55k, 59k, 71k...wouldnt listed properties be of some value to appraisers? most lenders wouldnt lend on a property that wont appraise for the sale price and realtors know that so why would they list 3/1s for over 55k if it would be incredibly difficult to get that appraised?