Updated about 5 years ago on . Most recent reply
Appraisal Came In Much Lower Than Original ARV Estimate
From a close friend who needs help:
I purchased a SFH earlier this year using a hard money lender, had an appraisal completed at the time and all the numbers checked out.
Due to COVID, several properties in that area sold to investors, below market value! Now that I'm in the refi process, the appraisal came back MUCH LOWER because the properties purchased recently have not been flipped yet or refinanced. This means I either let the property sit with the HML until things start to move again (interest only loan 😣), or I bite the bullet and bring allot of 💸 to closing.
If anyone has any other suggestions please share with me!