Can a house appraised in Dec. of 2009 increasing in value ...

This particular house , was appraised in 2008 for $125 K , and re-appraised in Dec. of 2009 , at $145 K , how did that happen ? The Bank said that we could have another one done to prove them wrong . However , they would take $137 K , but it needs at least $30K to be livable in , and if you add the 20% fixed costs , there is no way you can still sell it for that amount and make a small profit ($ 10K ) . Any suggestions ?

 
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January 14 2010 - Charlotte
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Answers (2)

Good advice Minna , I was thinking myself to challenge that , however , I made another offer for $100 K with the contingent that the house appraises for at least 120 , let me see what is their answer to that , like this I save myself the headache and the cost of it .

Thank you so much 

m

 
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January 14 2010
Banks are not generally in the business of making sure investors get great deals. They will always be looking for market value or close to it. If you believe a new appraisal would get you the value you need to make this worthwhile for you, then you could always chance the few hundred bucks to have one done.
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January 14 2010
 
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