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Updated over 2 years ago,

User Stats

13
Posts
1
Votes
Todd McFarland
1
Votes |
13
Posts

Unexpected low appraisal

Todd McFarland
Posted

Hello community. I recently purchased a renovated townhome to hold and rent. I negotiated $17.5k off the asking price of $147,500 in hopes to get an appraisal value in that range to be able to finance with little to no money in the game. I really didn’t understand the appraisal process until after receiving the low value. I noticed in the report that none of the rehab was considered in the estimate, especially when looking at the comps the appraiser used. He valued the conditions as average, where all are new. Updating is as follows: Flooring is new wood(living room and 2nd bedroom), carpet (stairs and master bedroom), and ceramic tile (entry, kitchen, and master bath). New cabinets in kitchen and bath with quartz countertops, walls were textured and painted, fireplace has new brick facing. 

Is there any recourse to get the appraisal to come up to the $155k range? Will the appraiser take into consideration the updates done if made  aware of them and resubmit his value? Or is all this a waste of time?

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