Imagine doing all your repair costs homework, buying a property at the right price, putting a lot of effort into managing the renovation project conscientiously…..and then having the sale of your property fall thru due to a low appraisal. There’s not many things that are more frustrating than that for a real estate investor.
Nothing you can do but lower the price and give away some of your hard-earned profit right? Not necessarily.
Tom Horn, an appraiser from Birmingham Alabama, recently added a great post to his blog: “What to do when the house doesn’t appraise.” In it, he provides a step by step process for dealing with low appraisals including revealing 5 common appraisal errors to look for.
Tom’s blog also includes a lot other great information like “5 things the agent (or real estate investor owner) can share with the appraiser to help with the appraisal.”
Investing a little time reading these blog posts will be well worth it in the event you ever run into appraisal value issues!
What have you done to overcome low appraisals? Leave me a comment below – I’d love to hear from you.