House #22: Second Appraisal

March 15, 2011 · 1 comment

After having the appraiser come out to the house over the weekend, we just received the second appraisal on The Trifecta House, and I’m pleased with the results…

The first appraisal came back at $105,000, a little below the contract price (which is $107,000). I was happy with that, given that the best comp was The Lake House right around the corner, which sold for just $99,500. I figured that the best-case scenario would be that the second appraisal would come back at the same price.

And it did.

So, we will be dropping the sales price of this house to $105,000 — which is the maximum that the buyer’s lender will loan against — and eat the extra $2000 in profit that we would have gotten had we sold at the agreed upon price. We’re not unhappy about this, and we assume the buyer will be happy that he is getting the house for a little less than what he had planned.

We’re scheduled to close this Friday, but we haven’t gotten word from the lender whether that’s realistic or not. Hopefully, the worst-case situation is that we close next week, assuming no major issues come up between now and then.

One response to “House #22: Second Appraisal”

  1. Jonathan says:

    Hi, I just wanted to thank you for such an awesome resource you have created with this blog. I have spent the last few weeks reading all the posts from the beginning and have learned so much.

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign up for our Newsletter and get immediate access to our FREE 150+ Page eBook on New Construction, plus all of our business tools: Single-Family and Multi-Family Business Plans, Rehabbing and Buy-and-Hold Spreadsheets, Contract Templates, and more!
We respect your privacy. No Spam...EVER!