Appraisals delays Indianapolis

[Marcus Holloway]

Hey BP,

I'm in the appraisal period for our 2nd BRRRR deal in Indianapolis. Obviously the market is crazy. I'm using a private lender that hired an appraiser from an appraisal management company.

The appraiser visited the home over 2 weeks ago and we still haven't received our appraisal report. It's a SFH that's tenant occupied.

They’re claiming they had difficulty verifying rent prices for the area. I’ve complained and they’ve promised to have our inspection report by EOD on three different occasions.

I’m frustrated because I need to close this refi to pay off high interest debt we used to rehab the property. Hold costs our killing our cash flow.

Indy investors, are you also having these long delays on appraisals or do I need to hire someone else?

Thanks in advance.

[Nick Belsky]

Unfortunately, this is the case across most of the country. Appraisals are holding up a LOT of deals. You can tough it out and wait or see if your lender will get another appraiser from the AMC, but you'll just be starting the process all over again and will likely have to pay for another appraisal...

Nick