Is there a bottleneck in appraisals for brrr/helix
Hi Everyone,
I have my 2nd property closed and set to take possession Jan 18th.
It is a Triplex purchased for 222,500 (good price for my area). The building is stucco and could use a bit of updating to increase rents but overall is in nice shape and entirely rent-ready.
It has:
- 3 units (2 2 bdrms, and 1 bdrm) all with their own entrance
- The 2 bdrms both have their own laundry facilities
- Baseboard heat
- Ample parking (6 spots)
Based on comparable sales there are 2 sales within the last 6 months within about 1-5km from this location that have sold for the following:
Duplex with an illegal 3rd unit, all 3 units are 2 bdrms, gas furnace heat - Sold for 340,000
Duplex - 2 bdrms, - Sold for 290,000k
Both of these buildings look nicer than mine on the exterior but mine does not look awful by any means.
Technically I should be able to order an appraisal on my property on the 18th of January when I take posession and showing some comparables and say because mine is a legal triplex it should be valued higher than the illegal triplex that sold for 340,000. And I should be able to pull out equity instantly.
If there are recent comps that sold near it for higher, is there any downfall on ordering and appraisal instantly?
I am assuming they are somewhat subjective in the appraisal but if they base it on comps my logic should be right. I wonder if there is any downside to ordering a couple appraisals and pleading my case
My one thought is they may be biased because it was just purchase for low 220s. (e.g if it was worth 350k they would have sold it for 350k but because it sold for 222 it is worth 222.)
I think this is very important to figure out because it is the different of buying a property every year or being able to buy a property every month.