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Updated over 3 years ago on . Most recent reply

User Stats

7
Posts
3
Votes
Bojan Rajkovic
  • Financial Advisor
  • Chicago, IL
3
Votes |
7
Posts

Appraisers Turning Down 4plex?

Bojan Rajkovic
  • Financial Advisor
  • Chicago, IL
Posted

Closing hopefully in 3 weeks on my first 4 unit building and I'm confident about the numbers, nice piece of land (2acres) in a residential area near SFHs and no other rental buildings nearby.

Recently received an update from my realtor that several appraisers are passing on the building and 1 in particular even called my realtor and shared information that he shouldn't have, such as: inquiring if there is a relation between myself and the seller, agreed numbers are strong but shared it will not appraise for what I'm paying and to reconsider me being in the deal and use the appraisal as a reason to get out of the deal...really odd and the realtor agreed.

My question is, why would appraisers turn down the 4 unit building and why would that particular appraiser share so much and then not be the one to do the job? Really just odd.

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