House #6: 3rd Appraisal

July 3, 2009 · 0 comments

As mentioned the other day, The Red Garage House is going through its 3rd appraisal

The appraiser came out to the property on Thursday morning, and spent about an hour making sure things worked, taking measurements, taking pictures, and asking questions. We chatted about the renovations we did, he asked about the cost of the renovations, the contractors, etc. Ultimately, we provided as much supporting evidence as we could to justify the purchase price, and now it’s in his hands to determine an appraisal value.

The first two appraisals came in above the purchase/sale price, so I’m hopefully this one will also. That said, the appraiser looked through the previous appraisals and noted that the comps they used were pretty old (of course, the first appraisal was over two months ago, so those are probably pretty old by now). Hopefully there are some new comps in the area that support our purchase/sales price, and this appraisal won’t be a roadblock to getting this deal closed.

The appraiser mentioned that he’d have the appraisal submitted tomorrow, so depending on the holiday schedule of the underwriter, we’ll hopefully have some more information about the underwriting of this loan by early next week.

Keeping our fingers crossed…

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