Low Appraisal
Hi,
I recently purchased an investment property out at Memphis, TN last month - 4/2.5, nice schools, low crime, etc. and the appraisal came in at $140K. Comps with better condition around the area was $155K (so -15K for condition).
So I threw in about 11K in for new paint, new carpet, new blinds, miscellaneous repairs in the house so I could maybe do a cashout refi.
Appraised it again, and it came in again at $140K. But according to the previous appraisal it should have at least rised a bit, if not to $155K?
So basically it is saying that the entire cosmetic repair improved the house by $0? I didn't do anything crazy like throw in granite countertops or anything like that.
2-part question: is it usual that these updates don't increase the value of homes at all? Second, if it is unusual, what is the best way to have the appraiser reconsider the appraised number?