Low appraisal from buyers mortgage. Help!
Hi, I am just closing on my second flip, the deal was $208k with seller paying six points of the buyers closing costs. At the last minute the appraisal came back at $186k. This appraisal makes no sense to me or my agent when looking at comps and I am seeking advice on how to salvage this deal.
Steps taken so far are:
- Sent comps to the appraiser which show the home value to be between 205 to 215k but they will not change
- my agent is having his buddy who is an appraiser take a look for an informal second opinion
- if the above step comes back with a higher appraisal, request a second one
How have any of you dealt with this problem as it seems it could be quite common? Any responses are much appreciated!