Updated about 4 years ago on . Most recent reply
duplex appraisal refinance
Hello BP community and thank you in advance for your help. Back story is I purchased a duplex and took it down to the studs for a complete gut renovation. First unit a one bed one bath and a second unit took from a two bed one bath to a 3 bed 2 bath. Just received my appraisal back and the comparable duplexes are few and far between one of which is a sale from three years ago, none have been renovated. My appraisal came in at 169K when I was expecting over 220k. I was told by the appraiser that they cannot adjust in comparison to single family or even triplexes and they don't factor in for a new roof, windows, electrical system and plumbing because it is nonsensical because no one would buy a home without a roof or electric. I was thrown off because my sfr appraisals all account for the new materials and systems in place. Is there a way for me to contest this or do I just have to accept that my duplex can only be compared to non-renovated older duplexes?
Thank you again