4plex buyer - Issue in appraisal

4plex buyer - Issue in appraisal

New to Real Estate · Spokane, WA · Member since 2017 · 12 posts · 4 votes

First post:

So in the appraisal of this 4plex I am buying, we paused the appraisal because it will not appraise to the value of my accepted offer. The appraiser said he has to run the numbers as a duplex due to permits on the home even though it is zoned as a 4plex.

It’s a great property and great deal. I’d like to continue to pursue the property even if I have to deal with permitting and issues involved with that later down the road.

Any thoughts or advice is much appreciated.

Thanks!

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    7y

    Ask if the Seller will consider financing it.

    The DIY Landlord Book4.7245 Reviews
  • Medford Oregon · Member since 2019 · 85 posts · 65 votes
    7y

    Maybe the seller can hold a second mortgage while things are sorted out?

  • Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    7y

    1 year option to purchase with the right to work on getting permits/zoning fixed. 

  • New to Real Estate · Spokane, WA · Member since 2017 · 12 posts · 4 votes
    7y

    Thanks everybody for your input.

    Much appreciated!

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