I purchased a home in west Baltimore around the corner from N West ave, 21216, for 14000. 3 bedroom 1 full bath and 3/4 bath in the Master bedroom. Another bedroom has its own terrace. Surrounding the property, which is located on W North Ave. are unrenovated homes listed at 10000-30000. Around the corner from my property an Identical house fully renovated sold in Feb 2019 for 127000. I want to cash out refinance pull the equity and start the process over. Can anybody tell me if i will get the appraisal value that i need. Will the comps be measured againts the unrenovated homes or the newly renovated one that sold in Feb for $127000. Thanks for any response.
The comps should be measured against homes that are similar age, size, and condition. That said, its difficult to do a cash out refi for anything under $150k, especially if the home hasn't seasoned. I suggest calling around to some small local lenders like Eastern Savings Bank, as well as some Hard Money Lenders, to see what their current criteria are. Good luck!
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