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Updated over 8 years ago on . Most recent reply

Michael Clevenger's profile image
Michael Clevenger's profile image
Michael Clevenger
  • Investor
  • from Arlington, Texas
  • Member since Jun 7, 2016
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Michael Clevenger's profile image
Michael Clevenger's profile image
Michael Clevenger
  • Investor
  • from Arlington, Texas
  • Member since Jun 7, 2016
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Michael Clevenger
  • Investor
  • Arlington, TX
29
Votes |
99
Posts
Buying & Selling Real Estate

Appraisal fell short

Michael Clevenger
  • Investor
  • Arlington, TX
Posted

Trying to wrap up my first flip. I've learned a lot throughout the process. My latest lesson regarding the appraisal. 

Turned the house into a beauty. But now my asking price is 30k higher than the appraisal! The buyer's are not able to pay the difference and I can not take the hit. Any advice from BP?

List price: 345,000

Buyer paying list price 345,000

Appraisal: 315,000

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Wayne Brooks's profile image
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Wayne Brooks
  • #1 Foreclosures Contributor
  • Real Estate Professional
  • from West Palm Beach, Florida
  • Member since Jul 27, 2012
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Wayne Brooks's profile image
Wayne Brooks's profile image
Wayne Brooks
  • #1 Foreclosures Contributor
  • Real Estate Professional
  • from West Palm Beach, Florida
  • Member since Jul 27, 2012
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,509
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23,418
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

If that was an FHA buyer, you're stuck with that appraisal for All FHA buyers for 6 months.

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