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Updated about 3 years ago on . Most recent reply

User Stats

98
Posts
61
Votes
Sean Monahan
  • Real Estate Agent
  • 21224
61
Votes |
98
Posts

duplex appraisal refinance

Sean Monahan
  • Real Estate Agent
  • 21224
Posted

Hello BP community and thank you in advance for your help.  Back story is I purchased a duplex and took it down to the studs for a complete gut renovation.  First unit a one bed one bath and a second unit took from a two bed one bath to a 3 bed 2 bath.  Just received my appraisal back and the comparable duplexes are few and far between one of which is a sale from three years ago, none have been renovated.  My appraisal came in at 169K when I was expecting over 220k.  I was told by the appraiser that they cannot adjust in comparison to single family or even triplexes and they don't factor in for a new roof, windows, electrical system and plumbing because it is nonsensical because no one would buy a home without a roof or electric.  I was thrown off because my sfr appraisals all account for the new materials and systems in place.  Is there a way for me to contest this or do I just have to accept that my duplex can only be compared to non-renovated older duplexes?

Thank you again 

  • Sean Monahan
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