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Updated almost 8 years ago on . Most recent reply

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James Dennie
  • Washington, DC
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Worried about appraisal

James Dennie
  • Washington, DC
Posted
Hello all, I currently just finished my first flip project and I'm under contract now. There's one thing that I'm worried about right now and that's the appraised value. I listed the house at 377K and got an offer at 370K which I accepted. I'm worried now based on the comps of other three bedrooms that sold in the area which sold for under 350k but all were in original condition. The property directly next door to me sold for 365k in which it appraised at but it has one extra bedroom and bathroom which totals 420 square feet more than my house but that property was also in original condition from the late 70s. I did a complete renovation in the kitchen and bathrooms and throughout the house as well as replace the roof and siding and added a screened in porch. If you guys can please let me know if you have any ideas on what the appraiser may look at that can help me or anything I can do to increase my chances of this house appraising where I want it would be greatly appreciated! Someone did tell me to try to have documents together to support what has been done to the house. If anyone has any sample docs that I can see that would be great. All of the help is greatly appreciated! :) -James

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