Updated 4 months ago on . Most recent reply
DSCR lender issue help!
Hello BP family. Seasoned inventor here with a problem I never encountered before with DSCR lender. My current rental property was previously on the market for a short time after flipping it, as initially I hard a hard time selling it due to weather, timing and rates here in Delaware. Now the DSCR lender ordered an appraisal which came back favorable, however they will not use the appraised value, instead the lesser list price which is significantly lower than the appraised value, (I deliberately had it listed lower to attack buyers). The lesser list price throws off all the numbers, leaving me without a cash-out refinance, something I need to be able to brrrr.
My question is does anyone know of a lender that will use the appraised value only. If not I have to wait 6-12 months before the lender will use a new appraised value at that time, and I will loose time and money to BRRRR.
“The lender will use the lesser of the appraised value or list price if the property was recently on the market.”
Any help would be appreciated!! Property is in Delaware. Seasoning isn’t an issue. Thank you in advance.
Most Popular Reply
Hey Jay,
How much time has elapsed from taking it off market to now? I know a few that might want 30 days but would be fine at that point.