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Updated over 2 years ago,

User Stats

20
Posts
13
Votes
Michael Higgins
  • Investor
  • Alpharetta, GA
13
Votes |
20
Posts

Need advice - appraiser under appraised rent for duplex by 50%

Michael Higgins
  • Investor
  • Alpharetta, GA
Posted

Background.  Using a hard money lender to buy a duplex in smaller town in GA. Close date is one week away.  The appraiser used very strict criteria including less than 3 mi radius, only duplex’s, neighborhood features must be the sam, nearly the same square footage, no townhomes, or places with fenced back yards.  I sent comps I could find from public sources but all were rejected by the appraiser with a very unprofessional response.  

My next steps.  I am working on getting more comp information from my agent but the criteria eliminates many places. Before submitting an offer I researched and spoke to a property manager in the are on market rents.  I thought I crossed all the T’s and dotted my I’s.  I am concerned that the lender will pull out just before the close date and I will be screwed.

Any advice is appreciated

Thanks.




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