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Updated over 4 years ago,
Question about comps, appraisal, and home value
Hi all,
I am under contract for my first long term rental buy. It is an off market as-is deal. The purchase price is $81,000. Comps around the area are around 100,000-130,000. This house is in very good condition, but is not updated, so i would think I fall around the lower end of the spectrum. I got the appraisal for the sale, and wouldn't you know, it is exactly $81,000. This seems extremely low, i think they did a "drive by" appraisal due to COVID-19, and it seems suspicious that the appraisal would come back to exactly the purchase price.
I was hoping to do some minor updating and refi ro take out a line of credit down the road to get my down payment/investment back. I was expecting an appraisal closer to 100 or 110. Should i be able to get a higher appraisal?
I am under contract for my first long term rental buy. It is an off market as-is deal. The purchase price is $81,000. Comps around the area are around 100,000-130,000. This house is in very good condition, but is not updated, so i would think I fall around the lower end of the spectrum. I got the appraisal for the sale, and wouldn't you know, it is exactly $81,000. This seems extremely low, i think they did a "drive by" appraisal due to COVID-19, and it seems suspicious that the appraisal would come back to exactly the purchase price.
I was hoping to do some minor updating and refi ro take out a line of credit down the road to get my down payment/investment back. I was expecting an appraisal closer to 100 or 110. Should i be able to get a higher appraisal?