Higher appraisal tips

[Michael Nguyen]

I bought a duplex in Drexel Hill, PA on a hard money loan. I did the reno, and now in the middle of refinancing. The appraisal came at $35K less than my estimate. I made an appeal, but I'm still shy $22K. I elected to get a new loan company with a different appraiser.

I'm hoping to be more prepared this time around. Attend in-person and provide the appraiser a list of repairs I did to the property, before/after pics, and a few strong comps to back my research. I understand I'm not allowed to directly influence the appraiser by saying anything like, "I think this house is worth this much." Are there other strategies I can implement to swing the appraisal value in my favor while treading lightly?

Thank you in advanced,

Michael

[Andrew Postell]

@Michael Nguyen What do your comps say the value range should be? Also, what does $35k represent? Does that represent 5% of the value? 50% of the value? A different appraiser could provide a different value but you should factor in some margin of error when you are calculating your ARV. Also, what value did your HML provide you on their appraisal? And what LTV is your REFINANCE lender providing? If you don't mind answering a few of those that might help us provide some more guidance.