How to make a property appraise real high ?

[Ana Hyler]

We just purchased a REO property that needs a lot of work. The property was trashed by the previous owners and it was without any utility for the past year. Some of the spindles were just pulled from the banister and used as fire wood! I mean…all the floors need to be replaced and copper is gone…so all new plumbing, electric is a mess…you kind of wonder…what did they do there? And needless to say…walls have holes everywhere. The house has great potential… it catches everyone’s attention with its contemporary architecture and location is prime. There is an in-ground pool which we will soon find out if it works. The numbers are as follow:

Asking price: $167,500
Appraised at: $167000 (2 months ago with repairs in mind)
FMV:$220,000 (sale comparison in the area and sq. ft.)
Bought it for : $128,000 (we closed on Wednesday !)

Now the work begins and we will have it re-appraised in 4 months. We need for the house to appraise at at least $210,000. What should we concentrate on in terms of what makes a house appraise better? I was reading about some people saying wood floors, granite kitchen…are these really going to make a difference? Do you have any suggestions?
Thanks !
:lol: :idea: