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Updated almost 8 years ago on . Most recent reply

Trevor Kropp's profile image
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Trevor Kropp
  • from Loveland, Colorado
  • Member since Oct 2, 2016
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Trevor Kropp
  • from Loveland, Colorado
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Trevor Kropp
  • Loveland, CO
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Buying & Selling Real Estate

Low Appraisal Need help

Trevor Kropp
  • Loveland, CO
Posted

Hey everyone. 

I used a hard money lender to purchase a duplex and I am trying to refinance to pay back the hard money lender. I just got my appraisal back and it is way lower than expecting. The appraiser chose to not use the income approach at all and strictly went off the sales approach even though it is a rental in a rental area. The sales approach is 50000 less than the income approach. Shouldn't they have met in the middle or what is the norm here. Looking for any advice?     

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1 to 4 unit properties trade based on sales comparables.

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