home value between 2 appraisals within 2 months

[Lenin Belangonda]

Hi

I bought a REO property using conventional financing. The appriasal came over the sale price but its still lower than the market value. This is not an issue for current purchase. But if Iam selling it, say within 2 months, would the new appraisal be similar to the one done 30-45days ago?

There are some improvments iam planning on doing but the condition of the property is not bad now so the improvements are mostly cosmetic. So not sure if the appraisal can be much different from what it is now. Any thoughts?

[Chris T.]

@Lenin Belangonda

You can use 5 different appraiser at the same time and they will give you different numbers. 

Are you going to list your property based on the new appraised price in a couple of months? Everything is dependent on comps and what you do to the property. A coat of fresh paint do wonders.

Check the comps between the regular sales and sales of rehabbed properties. Most rehabbed houses, if priced slightly higher than the rest, will usually get multiple offers and under contract quickly. 

It might be worth while for you to put more money into the renovation process if you can get a better ROI on your money.