Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 13 years ago,

User Stats

7
Posts
0
Votes
Samantha Lanphere
  • Real Estate Investor
  • Atlanta, GA
0
Votes |
7
Posts

Appraisal Woes

Samantha Lanphere
  • Real Estate Investor
  • Atlanta, GA
Posted

I had 2 bad appraisals in 1 week.
I was able to have 1 of the rehabs appraisal adjusted.
The other rehab, still working on the appraiser. The contract price is $100k, the VA appraisal came in at 94k.
There have been some poorly done rehabs in the neighborhood I am working in and unfortunately anything can qualify as remodeled...including homes with stained carpet and 12 broken windows...ugh!
My question is if we cannot get the appraisal adjusted, do I have other options than what I have come up with so far:
1.) Buyer comes up with 6k (or at least some more cash), not likely given the price range of the home
2.) Take the 94k, not give the 3.5 in closing costs. Buyer finances 100% since its VA
3.) Owner finance the remaining 6k, ensuring a 100k comp in the neighborhood I am continually working in.
4.) Buyer switches their lender (Wells Fargo) and gets a new appraisal
5.) Put the home back on the market and hope the VA appraisal doesn't get attached to the property

I am concerned about losing the profit but more concerned about setting a low comp for future home sales

Loading replies...