Question about DIL?

[roxcar]

I have a thread in the Chase section because i am currently waiting on news of my loan mod.....

I am trying to educate myself on other options on the chance that my mod does not go through...

My question is....
If i try to do the DIL how do they estimate the value of my home....appraisal? I read in the DIL thread that your home has to be valued at less than you owe?

The reason i ask is because in my husbands line of work (home remodeling) he knows several real estate agents....
He had one of the agents that he knows do a "Comparative Market Analysis (CMA)" of our home and below are the results....

The estimated price range I’ve provided is determined by several factors including age of the home, square footage, location, beds/baths, and the selling price of other similar homes in your area.
Remember this is just a preliminary estimate based on limited information. I can prepare a more precise valuation by viewing the overall condition of your home and comparing it to the properties currently listed in your neighborhood.
Once you have reviewed this information, please feel free to contact me with any questions or comments.


Estimate of Your Home’s Value: $125,810 - $147,690 (With upgrades that have been completed on home)

Comparable Home Sales in Your Area:

xxx Valencia Dr Sold Price: $84,900 Beds/Baths: 3/1.0 Square Feet: 1,320 Year Built: 1977 Sales Date: 9/12/2008	xxx Valencia Dr Sold Price: $88,100 Beds/Baths: 3/1.0 Square Feet: 1,320 Year Built: 1977 Sales Date: 6/2/2008
xxx Valencia Dr Sold Price: $137,000 Beds/Baths: 3/1.0 Square Feet: 1,320 Year Built: 1977 Sales Date: 2/5/2007	xxx Valencia Dr Sold Price: $124,000 Beds/Baths: 3/1.0 Square Feet: 1,320 Year Built: 1977 Sales Date: 1/2/2007

As you can see in his estimates above homes similiar to mine sold for more in '07 than they did in '08.....
The value of my home on zillow.com today is only at 97,500....i owe 114,000.....

When you ask for a DIL will they get an actual appraisal on your home or do a CMV to determine it's value?

I am afraid that with the upgrades that we have done it's value will be more than what we owe and a DIL will not be an option....
I will also say that recent sales in my area have been in the 89,000-100,000 range....

Roxane