Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 4 years ago on . Most recent reply

User Stats

15
Posts
8
Votes

Appraisal issue for dream home

Timothy Solomon
Posted

This is for a dream home in my “dream” location. A run-down duplex (that is deeded as two single family homes) is on the ocean, surrounded by 8+ million dollar homes. Due to the uniqueness of the opportunity, (there are no comps), I believe the property will appraise for 2.2 million. There is no agent and no broker. The seller and I agreed on a price of 3 million. Bank will require me to put down 25% of the loan. I can afford the down payment but I can’t afford the additional 800k to make up the difference. The seller agreed to seller financing but the bank will not allow that. 

What options do i have! Does anyone know of a bank that will allow for this? The property is a slam dunk and can only increase in value since it’s on the sand. I would be selling my primary residence and would live here. Alternatively I could use it as a commercial property but the bank would require even more money down for that. 

Also- any advice on trying to get it to appraise for higher? 

What are my options?

Loading replies...