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Updated about 7 years ago on . Most recent reply

Appraiser requesting financials
Hello all BP members,
Looking for others experiences and recommendations.
We purchased a flip home 8 months ago for $91500 and have completed all work. We currently have the house under contract for $180k
I received a call today by the appraiser, 2 hours prior to the scheduled appraisal with him requesting me to provide him the repairs I made, material cost, labor cost, etc. Also, it happens to be the same appraiser that initially appraised the home when I purchased. So, he knows previous condition, price, etc.
I have contacted a couple other investors and they explained they have never been asked this question from an appraiser.
I feel the info I provide would only hurt myself because my material and labor plus purchase price is not even close to the contract price of $180k.
Is this the norm and why would he ask this and what's the purpose of it ?
Would love to hear your thoughts and recommendations.
All the best,
Paul
Most Popular Reply

@Paul K. McCoy if he is a reasonable guy maybe ask him? All of the appraisers I have dealt with were actually really open to talking and discussing things. The One appraiser I wasn't at the house for appraised for $25k under our agreed to sale price... go figure.