Hard $ Lender wants loan payoff and appraisal came in really low!
Hello,
I purchased two row houses connected to each other in a fast gentrifying area of Cleveland. I used hard money to fund and rehab both of these houses. Both of the appraisals came in much lower than both I, and two very experienced hard money lenders thought. The one lender wants the loan payoff and the appraisal came in 40K less than I owe on the place. Other than ordering another appraisal, any thoughts on how to get out from this? Sell the place? It is currently rented for $1500 and the appraisal came in at $114,000. Completely renovated 3 story town house in the Detroit Shoreway area, which is one of the fastest growing and hottest markets in town. Any suggestions would be helpful.
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- Real Estate Consultant
- Summerlin, NV
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#1 All Forums Contributor
- Real Estate Consultant
- Summerlin, NV
@James Wise I would contact Jim wise get a real evaluation of value and list and sell. but you dont say what yo owe.
but if you owe 150 to 160 you will need 15 to 18k higher to break even.
- Jay Hinrichs
- Podcast Guest on Show #222
