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Updated about 7 years ago on . Most recent reply

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Paul K. McCoy
  • Matewan, WV
5
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38
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Appraiser requesting financials

Paul K. McCoy
  • Matewan, WV
Posted
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

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2,639
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Brian Pulaski
  • Flipper/Rehabber
  • Montgomery, NY
1,783
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2,639
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Brian Pulaski
  • Flipper/Rehabber
  • Montgomery, NY
Replied

@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.

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