All Forum Posts by: Jason Warner

Quote from @Brian Barch:

I’m more concerned the sellers are offloading so soon, any back story there?

I would like to know as well.. I didn’t push it on my realtor. All I know is that the seller/s are from out of state and they are motivated. It appears that they rehabbed the place a bit to sell. Not sure if it was a true flip, decided to work on another project, the numbers didn’t match for ROI, etc.. I believe there is still value but with this first appraisal, it has me thinking.

Although, my lender did reach out to me and state the appraiser did have a couple of errors. At this point we decided to more forward with a second appraisal in hopes to reaching a more accurate assessment.

Quote from @Nick Velez:

@Jason Warner

The appraisal sounds like it is massively under value and might be a case of an incompetent appraiser. You could challenge it,  but I think its very unlikely that the appraiser will come up enough to make a difference.  I think your best bet is having your broker pivot this file to another lender and order another appraisal. We have had instances where an out of area appraiser appraises a property for significantly under value, and we order a new one and have a 200k increase in the appraised value. 

Got a call today from my lender stating that the appraiser mis-reported a few items (he/she recorded it as a 1 bedroom vs 2 bedroom + loft & pulled comps from 2012 that aren’t even relevant). We believe the findings are inaccurate and ordered a new appraisal in hopes of capturing a more “honest” approach.

Hello friends,

I am currently under contract with my first STR in northern Michigan. The location we chose will be a 4 season rental (skiing, snowmobiling, boating, fishing, golfing) with lake/dock access. Our offer was $260,000 (which we thought was close to value) but the appraisal came back at $140,000! What do we do?? A bit of a red flag I suppose.. The previous owners have had it for only months and they paid $220,000. There are comps in the $220's but 140k is still quite far from that even!
I think I’m dealing with a management company, is there a chance they would like to off load this property before year end even at a loss to avoid paying taxes and such? 
Thanks in advance for your advice!

Jason