Refinance appraisal on Duplex came in way too low in Camden Nj

Refinance appraisal on Duplex came in way too low in Camden Nj

Investor · Cherry Hill, NJ · Member since 2015 · 45 posts · 1 vote

Hello,

We have a duplex in Camden NJ.

We are trying to cash out refi., to BRRRR

Duplex worth about 125K and appraisal came in at 85K.

New Rehabs across st and next door , as well as the street behind us, which they are building a brand new home.

Any help appreciated ! How can we fight this?

Thanks very much !

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  • Rental Property Investor · South Jersey · Member since 2014 · 100 posts · 85 votes
    6y

    @Bart Sklar Hey! What area of Camden is the duplex in?

  • Investor · Cherry Hill, NJ · Member since 2015 · 45 posts · 1 vote
    6y

    Hi Nelly,

    The duplex is in Parkside, a few blocks from new High School. Occupied fully with paying tenants!

    Thanks

  • Rental Property Investor · Minneapolis, MN · Member since 2020 · 540 posts · 285 votes
    6y

    @Bart Sklar

    That’s what you get for investing in Camden...

  • Investor · Cherry Hill, NJ · Member since 2015 · 45 posts · 1 vote
    6y

    Hey Frank,

    Gotta start somewhere.

    “The secret of getting ahead is getting started.”
    – Mark Twain

    Don't you?

  • Real Estate Broker · Austin, TX · Member since 2012 · 1k+ posts · 1k+ votes
    6y

    contest it with actual comps. 

  • Investor · Cherry Hill, NJ · Member since 2015 · 45 posts · 1 vote
    6y

    Arron,

    That's the problem as most are SFR in area and the appraier used comps that are vacant and beat up.

    Any other ideas?

    Thanks very much!

    Bart

  • Rental Property Investor · Minneapolis, MN · Member since 2020 · 540 posts · 285 votes
    6y

    @Wyatt Sklar

    Disgusting. Seriously this is supposed to be a professional site. People don’t even talk like that on Reddit.

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