Appraisers in CA
As you may know, we've succeeded in acquiring a property, fixed it up and it is now on the market. However we need to tell you about our experiences with appraisers and what we've heard about dealing with appraisers in California.
Appraisers can be the biggest thorn in your side when it comes to getting hard money or even getting a good sales price for your home. The reason? Appraisers are blamed for the real estate crisis that exists today. Most appraisers are afraid and consistently appraise at lower prices - even though the natural economics of supply and demand show differently.
We had 2 appraisers from investors come out to our little house. The first appraiser came out before the rehab started and appraised it at $20,000 OVER what we paid for it. That made us feel really good - we got a good deal!
Then, once the rehab was almost finished, a second appraiser came out and appriased it for only $5,000 more than the previous appraiser. Now that made us sick since we put over $30k into the property. This reduced the amount of hard money we could get out of the property.
In addtion, we've seen other investors sell properties in California where the appraisal came in much lower than the agreed upon asking price, thus reducing the anticpated profit significantly.
Appraisers can be the biggest thorn in your side when it comes to getting hard money or even getting a good sales price for your home. The reason? Appraisers are blamed for the real estate crisis that exists today. Most appraisers are afraid and consistently appraise at lower prices - even though the natural economics of supply and demand show differently.
We had 2 appraisers from investors come out to our little house. The first appraiser came out before the rehab started and appraised it at $20,000 OVER what we paid for it. That made us feel really good - we got a good deal!
Then, once the rehab was almost finished, a second appraiser came out and appriased it for only $5,000 more than the previous appraiser. Now that made us sick since we put over $30k into the property. This reduced the amount of hard money we could get out of the property.
In addtion, we've seen other investors sell properties in California where the appraisal came in much lower than the agreed upon asking price, thus reducing the anticpated profit significantly.
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