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Updated over 9 years ago,

User Stats

320
Posts
100
Votes
Kyle Penland
  • Investor
  • Dyersburg, TN
100
Votes |
320
Posts

Need advice on Appraisal

Kyle Penland
  • Investor
  • Dyersburg, TN
Posted

Ok, long story short, I am buying properties with a cash offer and rehab, and then refinancing them after the rehab is complete usually about 4 months down the road.  I have a property that I bought for 3500 bucks, and put 25k into it.  The real estate appraiser only used FORECLOSURE comps!  I could throw a rock and hit a house 4 houses down with 1 extra bathroom that appraised for 68k and its the same materials...  I could understand if I had her appraise it when I bought it, but honestly its almost a new house...New floor joists, all new flooring, new kitchen etc...  Do I have any recourse in this?  I just don't understand how she would appraise a house and only use foreclosures as comps 4 months after the sale and after it was completely renovated...  Needless to say, I have 30k in it, and it appraised for 21500.  Anyone have any advice here on how to get my money back out of it?

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