Refinancing unoccupied rental

2 Replies

I am about to do a refi on an occupied rental but I am debating whether to wait till the SFH is occupied before refinancing. (currently listed)My reason is that I suspect it may appraise higher if occupied at the time of visit of banks appraiser.Does it matter? Please advise.
Originally posted by @Ayo O. :
I am about to do a refi on an occupied rental but I am debating whether to wait till the SFH is occupied before refinancing. (currently listed)My reason is that I suspect it may appraise higher if occupied at the time of visit of banks appraiser.Does it matter?

Please advise.

 The things that matter are square footage, age, condition as compared to similar properties that have sold and are rented.  Of course whether the property is neat and orderly, has a floor plan that is functional and a style that is easily compared to other properties in the neighborhood matters as well.  Using the sales approach, the appraiser will be using data from comparable sales to establish the price per square foot and the subsequent adjustments and also provide a 1007 that does a comparable market analysis.  If your property is a regular single family or multi family, the income approach won't matter so whether it is leased or not won't matter.