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All Forum Posts by: Jay Gordet

Jay Gordet has started 1 posts and replied 1 times.

General Landlording & Rental Properties

Post: Utah Duplex Appraisal Way Off - Need advice!

Jay GordetPosted
  • Posts 1
  • Votes 0

Dear Real Estate Investors,

There is a lovely 3200 sqft. duplex for sale in Lehi, Utah currently renting below market value at $1200 per unit.  3 bed 2 bath per side (one unfinished bonus room per side too).  The listing price was $650,000 the appraisal came back at $510,000!?!?!  The duplex is rare as it was built in 1996 and the closet comp came in at 27 years older and 800 square feet smaller.   We have $10,000 in earnest money that is now not refundable...but 10k is sure a lot less that the staggering $140,000 appraisal difference.  I have never seen an appraisal value come in this far off.  Any thoughts on this?  What would you do? Buy or walk?  

0 Votes