Cash out Refi - Appraisal

[Adam Budgin]

I'm looking to get some input specifically regarding the appraisal considerations vs seasoning period on a cash-out refi or Heloc on a particular deal I'm working.

Overview:

Duplex - purchase price = $126k

Market price estimated ~$160-185k -based on comps past 90 days

I have the initial appraisal scheduled in two weeks, and closing shortly after (pending all goes well).  My intent here is to either cash-out refi or Heloc on the property later this year; speaking to a lender I've been working with, they're saying seasoning period will need to be at least 1 year, due to a reappraisal within 1 year will take into account the recent sale price....my question is what justification can I supply the lender/appraiser (2nd appraisal) that this was just a good deal without a significant rehab?  Would be ideal to not have to wait a full year before making any moves on the property.  Any insight is appreciated!

[Russell Brazil]

No way around a banks seasoning period.  For a conventional loan, no bank will consider anything different than the sales price within 6 months. If you bought it for X Dollars...your very sale is the best comparable sale for the property.