We just received the results from the second appraisal on The Drought House…
The value first both the first and the second appraisals came in at exactly the purchase price, which I’m very happy about. Given the rehab that just sold down the street for $6K less than ours, I expected the appraisals to come in a little bit low. Apparently, the appraiser called the agent for that property (we actually *DID* the rehab on that property for the investor who owned it), and the agent did a good job of convincing the appraiser that our property was priced reasonably, despite the discrepancy in sales price.
Not only is great for this sale (we won’t have to lower the price) but it also means that we’ll have higher appraisal values for The Waffle House and any other houses that we might pick up in that area in the near future.
The closing for this one was originally scheduled for tomorrow, but it doesn’t look like we’ll make that…most likely we’ll close early next week…
Good luck with the house Scott.
M Mark
Great news J! It’s nice to be able to set your own market like that. Also a good example of how investors are actually helping the housing recovery.
Do appraisers have a problem using your own houses as comps? I have found that they’re recluctant to use an investor flip as a comp for an appraisal for the same investor.