What to do if reappraisal come up short
One thing that's holding me back from purchasing my first property is the fear of "what if my numbers were not correct". I know that you need to do the best due diligence/number crunching that you can before making an offer. But what if I got all my ducks in a row and the reappraisal came up short for some reason?
Say I purchase a $50,000 home, put $50,000 into it and the reappraisal only gives me $100,000 when I estimated $150,000. Since the refinance loan will only give me $70,000, that leaves me $30,000 short on my hard money loan. What does one do in a situation like this? What would you do if it was only $10K short, $5k short?