Appraisal fell short
Trying to wrap up my first flip. I've learned a lot throughout the process. My latest lesson regarding the appraisal.
Turned the house into a beauty. But now my asking price is 30k higher than the appraisal! The buyer's are not able to pay the difference and I can not take the hit. Any advice from BP?
List price: 345,000
Buyer paying list price 345,000
Appraisal: 315,000
Once again I'd Like to thank everyone for the information in support of this topic. Several ideas have been shared in that I've taken note of. To update everyone on my current situation the buyers have agreed to meet in the middle. Taking the difference from 30k to 15k. Not what I was hoping for however this is something that I can work with and move on to the next deal. With the knowledge that I've gained in this first flip of mine I'm certain that I'll improve as time proceeds.
Congratulations on your results. While not the best they have been a huge learning experience. I enjoyed the thread and thank you for the update it is appreciated.
