A couple weeks ago I was bitching about our appraisal on the Somerset home. Well, it wasn’t the only one that came in low. The McCarty house‘s appraisal came back at $105,000. Not terrible, but we were really hoping for $120,000+
Granted, pre-COVID I was certain we’d be lucky to hit $90,000 or so, but things really heated up recently, so my plans adjusted.
So, like Somerset, we appealed this appraisal. But unlike Somerset, this one actually got adjusted. Our new appraisal is now $120,000.
Now, that’s not a massive difference, but it does equate to about $11,000 more in our pocket once we finally get through these rehabs. Hopefully the quiet titles get done soon and we can wrap them up.
I didn’t have to do much for the appeal. My mortgage broker took care of most of it, we just talked about some comps that I was aware of nearby. Thankfully, it worked.
Once we do finally get these fully done I’ll write up some posts with all the numbers.