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Updated over 7 years ago,
Looking for some feedback on your property appraisals
I'll keep this post short and to the point. In the last 2 months we've gotten 2 phenomenal off market duplexes. Based on current market condition and sales we are buying in with $120k-$130k in equity on both properties combined, plus we will be force appreciating more with remodels. I go to my normal portfolio lender with the first deal and he agrees, way below market value, he sends for the appraisal and it comes back only $5,000 over my contract price, same goes with the second purchase. When I ask about this he tells me that since 08 appraisers won't give much more than the purchase price? I quote "when the seller finds a buyer at a set price the appraisal has already been set". . This doesn't make sense to me, should we just hire an independent appraiser to go over our portfolio so we know our true equity position.
I will add that our new construction duplexes come out great on appraisals with the same lender and Appraiser. Thanks for any input or experience in this!