HELOC APPRAISAL ADVICE

[Corey Kenney]

To make a long story short. I bought my primary as a foreclosure and used a Streamline-203k to remodel everything but the siding. Everything looks great except the siding and the garage doors which are not terrible but does not make the property renovation look 100% complete. I bought the house for 177k used the 30k that I was allotted with the streamline and 8k on credit cards and when they did the appraisal they said it was 269. I contacted them to give them a hard time about the process because I felt cheated out of value. I sent them a list of everything I did in an email and how clearly none of it was taken into consideration. My solar which generates 8-9,000 KWH I know should raise me a minimum of 25k over neighboring comps in NJ based on the information I got from BP members and the links to the info they provided. I know the comps they used would put me close to this number without every detail of the renovation but not including the solar. I wanted to make sure sure I got the correct value. What they disclclosed was that if i choose to do the upgraded interior appraisal I would be stuck with whatever that number comes out be. My plan was to get the HELOC for 40K so I could use it for my RE investing. They are offering a line of 34,800 so do I take the chance and have it done or just go with it? What if they still don't take my solar into consideration? Can they do that or is there a standard they must follow? Thanks in advance. 🙂