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Updated about 2 years ago on . Most recent reply

Josh Wallin's profile image
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Josh Wallin
  • from Reno
  • Member since Nov 30, 2022
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Josh Wallin's profile image
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Josh Wallin
  • from Reno
  • Member since Nov 30, 2022
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Josh Wallin
  • Reno
5
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26
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BRRRR - Buy, Rehab, Rent, Refinance, Repeat

After Repair Value

Josh Wallin
  • Reno
Posted

Is it best to order an official appraisal to determine ARV after finishing renovations when applying for a home equity loan or HELOC? I know banks usually just run an automated valuation model for this process.

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Ash Hegde's profile image
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Ash Hegde
  • Lender
  • from Fort Lauderdale, FL (Lending in FL CT GA MI PA)
  • Member since Oct 10, 2022
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Ash Hegde's profile image
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Ash Hegde
  • Lender
  • from Fort Lauderdale, FL (Lending in FL CT GA MI PA)
  • Member since Oct 10, 2022
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Ash Hegde
  • Lender
  • Fort Lauderdale, FL (Lending in FL CT GA MI PA)
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Ash Hegde
  • Lender
  • Fort Lauderdale, FL (Lending in FL CT GA MI PA)
Replied

I would ask the lender. Some will do a drive by appraisal based mostly on comps and some will do a full appraisal. If they are doing a summary/drive by appraisal, let them know about the renovations and ask if you can get a full appraisal if you disagree with the summary valuation. 

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