Got an appraisal done in may for a brrr deal for my HML. Arv came in at 200K. Has anyone every experienced it being significantly less or more in 6 months once you refi with the bank?
How much did it differ?
Hey @Rigo V. We had a similar experience. We knew if we sold the duplex, it would have been worth about $375k but they were only appraising it for about $315k, which was bogus. Ultimately it didn't effect us much as we cash flow a ton on it!
@Rigo V. When appraisers appraise a regular sale they are given the copy of the sales contract so they know what range they have to be in for the deal to happen.
With refinances there is no such help for them and in our experience most appraisers struggle with refinance appraisals because of this. There is no consistency, they are all over the map.
@Jake Stuttgen yes I am hoping it would come in close to what is was originally appraised at to minimize the cash left in the deal.
@Michael Noto I could understand that but this was a brrr deal so his appraisal was not close to the original purchase price because of the rehab. $70K purchase, $70K rehab, $200K appraisal.