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Updated almost 6 years ago on . Most recent reply

User Stats

15
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2
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Jeremy Bridges
  • Antioch, TN
2
Votes |
15
Posts

Appraiser question on selection of comps

Jeremy Bridges
  • Antioch, TN
Posted

I recently finished my first flip. Coming close to closing and the appraisal came back $7,200 under the contracted price. It was already a slim margin, so that did hurt. We needed to close so we adjusted the contract to get the house sold. My issue is when looking over the comps she used, she picked two houses that were bigger that pulled my value down, and those two also took a long time to sale. Mine was under contract within five days of putting it on the market. She also used a house that wasn’t renovated and built in 1900 vs mine, 1946, as the highest weighing comp. I sent her a comp same distance away, closer to same sqft, and same age, that had been renovated but she would did not change her report. The only difference with that property was it was a 3/1 and mine was a 3/2. Is there anything I can do, or is she in the right using a much older house that wasn’t in the same condition as mine? Looking for advice for future rehabs. Thanks for your time.

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