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Updated almost 8 years ago on . Most recent reply

User Stats

79
Posts
61
Votes
Jeremy M.
  • Investor
  • Advance, NC
61
Votes |
79
Posts

-_- Low appraisal on my flip - seeking input

Jeremy M.
  • Investor
  • Advance, NC
Posted

I'm in the process of selling a flip, a dble wide/manufactured home in a good market. Home has been completely re-done with good quality components, wood cabinets w/granite tops ect. It was on the market for half a day before I had an above asking price offer. Accepted the offer, bank's been mucking around on the closing for weeks, asked for an extension, and now last night I find out it's been appraised for $16k less than the offer. It's an FHA appraisal. This is my first go round with a manufactured home and I'm just curious...is there any way to appeal the appraisal? The appraiser must've used some really crappy comps because you can't buy squat in this area for what he appraised it for. Do I have any options other than cut it loose and move on? I won't lose money on it but my numbers sure took a hit.

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