All Forum Posts by: Chris Shue

Update: appraiser didn’t make any changes. Didn’t agree. Learnings from this was that they don’t account for listed homes like in California. Regardless he didn’t make any changes to the report based on condition of the home even to account for the SOW, recent sales price, and current rent.

On to the next lender.

@Dan Portka thanks Dan! Good stuff! I noticed a few objective things in the report.

1. Proximity and recent home comps were further out and 6+ months out.

2. Rent comps were significantly lower. Current is $1050 and comps were $700,800,895.

3. Appraiser noted that no remodels were completed within last 15 years. So I included the SOW for $18k of work done.

I'll report back when I hear back from the review. But agree might need to cut lines and get a new lender to start fresh. I need around a 145k appraisal to get a full BRRRR.

@Will Gaston that’s helpful! I’ll work on getting my back up lender ready to go. The loan processor I talked with agreed that the comps used were old as well. One was nearly a year out and another 6+ months. Not sure why he threw out all of the ones within 3months.

@Alex Bekeza @Will Gaston @Andrew Postell got an updated appraisal (89.7k)and it was half of my private appraisal $161k. So going through the dispute process to update. Let me know if anyone has any tips.

@Andrew Postell thanks! He told me to wait. Sounds like the review team won’t share with him until they’re done. So guess that’s my only option for now.

@Andrew Postell thanks for the insight. the appraiser told me it was submitted back to the bank. As a lender would there be a reason why they wouldn’t just disclose it to me right away ? The lender said it needed to go through their review team first before they could send it over?

@Will Gaston Thanks for the feedback. They said I would have to wait until after the review process to see the appraisal. I'll send them another follow up. 

How does do it typically take to get your appraisal back and how did you respond to it if it was unfavorable(more than 10% off a private appraiser)?

Context, I got a private appraisal(favorable) and it was back within 3 days. The bank appraisal was completed and submitted same day(appraiser let me know) but still waiting around a week later. It's probably normal but I'm waiting and hoping it'll be relatively close. 

Anyone feeling the squeeze from traditional investment loans for Fannie and Freddie loans? I'm looking to get rates for Indianapolis for a cash out offer and was quoted 5.6% for 75% LTV excellent credit and good DTI. Another bank min was 60%.

Round numbers for simplicity but I'm buying a home at $100k and want to refi out 75% of appraisal value $120k and leave $10k ish in the deal. From my understanding I would be able to pull out $90k. 

Love to hear your tips and thoughts on alternatives. 

Hi Jim,

Saw a turnkey off Warbonnet. Listed at 95k with estimated rent at $800. Probably will sell closer to high 80s. Overall don’t see a lot of turnkeys in that area. 

Disclosure. I’ve still relatively new myself so still learning and researching.