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Updated over 4 years ago on . Most recent reply

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100
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20
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Stan C.
  • New York, NY
20
Votes |
100
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Refi appraisal: does vacancy lower appraisal value?

Stan C.
  • New York, NY
Posted

I'm trying to refinance my duplex, they should call in in the appraisal soon. But suddenly one of the tenants moved out and one unit is currently vacant. Will the appraisal likely lower the value because of the vacancy?  

It would be best not to delay the refi process for many reasons, but if vacancy will lower the value then maybe I should wait... 

Do appraisal officers lower (partially) vacant home's values? 

Most Popular Reply

User Stats

155
Posts
111
Votes
Cody Campbell
  • Investor
  • Livingston, TN
111
Votes |
155
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Cody Campbell
  • Investor
  • Livingston, TN
Replied

@Stan C. I haven't had an issue with empty units. Actually I get most of my properties appraised while they are empty. Just let them know what the unit rents for and start the vetting process for a new tenant. So it should not affect the appraisal. Also, I am usually there on site when the appraiser is there and I'm very up front with them and tell them what I'm trying to get out of the property. I tell them I need to get this (amount). Usually goes well for me. 

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