Updated over 9 years ago on . Most recent reply
House flip and lender
Hi All. I've purchased a house in a good location 3 weeks ago for 180k in cash. It needed renovations, and except the location I did not see a potential income from it. I've put it to the market and I received 2 offers for 250k in the next couple days. They are the same in their content, both use mortgage with rehub loan, and 5% downpayment. Now it feels to me that I should expect trouble. Is there any possibility that the appraiser will appraise the house for 180k? All sales in the neighborhood have been from 250k however. The closing is in 2 months, and this adds to my holding costs, the taxes are high there. I preferably would not hold it long, but is there any solution to the potential trouble with the appraiser?