Posted by Natalie Smith on February 18, 2005 at 17:23:48:
If there are so many other buyers that would be interested, I would put it on the market and make sure that they guarantee the sales price regardless of the appraised amount. That’s what we do in our hot seller’s market.
Low appraisal - Posted by Timalberta
Posted by Timalberta on February 18, 2005 at 15:24:40:
I bought a half duplex for $72k sunk $10k into it have it in a rent to own(could have sold it to a dozen others) got 3k down sale price of $95k(I know it’s skinny ) cashflowng a tiny bit. Tenant buyers go to refi to take deed bank approves one morgage insurer declines other accepts subject to appraisal. Appraisal comes in $82,500(small town only other comp is a run down duplex that recently sells for around $82k)Morgage insurer says I can get another appraisal and it MIGHT look at it but I’m affraid it will also be low because of no other comps available to appraiser. I know for a fact I would have buyers lining up if I put it back on market if my current tenant buyer wants out (he’s not sure what he wants to do now)
I am in Alberta and my duplex is in a town of 1500 next to an oil boom town 0f 45,000. Rental and homes for sale are scorching and there is not enough of either to support the need.Any advice would be appreciated