Selling a Rehab Property Above Appraised Value?

[Steve L.]

We've recently completed a rehab, we did a nice job and knew we'd run into appraisal issues. I think it will appraise at $230k, on a good day, but most likely $220k. There just is no comparable and few sales of similar properties in the immediate area.

So I listed it 3 days ago at $239,000. We normally list it about where we think it will sell and let the offers roll in. As of right now, I have 3 solid offers, $247, $245, $240. Four more agents called this weekend and let me know they'd submit an offer today, one is willing to do $90k down.

Most of the buyers are going to go FHA, which is fine with me. But say it appraises at $230k and the buyer has cash to make up the difference? If the loan is $230 less 3.5% down can they pay the difference with an FHA loan. Can I sell them the appliances for $15,000 or $20,000?

What have you guys done to get every dollar out of the property possible?

[Will Barnard]

Or,
Get a conventional buyer and avoid this problem all together.