All Forum Posts by: Cory Anderson

I have not seen the report yet, as I'm the seller, but from what I gathered from my agent's conversation with the appraiser, there were very few multi-family comps. The property is in a very rural area. In the entire county, there were 62 multi-families sold in the last 12 months. I would love it if they would compare our duplex to a single-family home in our area. It's on .5 acre, with water views. The vast majority of the duplexes have much deferred maintenance, like ours was before the RENO.

Happy Monday everyone!

We just finished a full (pretty much everything) renovation on our duplex that we put up for sale and received 3 offers, went into contract $16k over ask, 17 days on the market. We averaged 1 showing a day. The buyers wanted to live in one, rent out the other, and chose an FHA loan; great house hack for them. Their appraiser reached out because apparently he couldn't find any comps. Our agent went back 12 months and submitted some reasonable comps as well as a bullet list of everything that was newly replaced. The appraisal is coming in $105k low, 15% below our offer. I'm aware they don't look at tax appraisal, but for context, that was our asking price; seems reasonable. I don't think the buyers have even been notified yet.

With such a huge discrepancy, I'm trying to brainstorm some options ahead of schedule. Our next offer is effectively $31k less, but a conventional loan, and the third was as a cash offer, $24k less than no. 2. Can FHA appraisals really bring this much disparity compared to a conventional loan? Am I really to think that the conventional loan could have a disimilar outcome with another low appraisal? Lastly, what might a creative own finance scenario look like to make up the difference?

Thank you for any input!