Home Buying & Selling Appealed Appraisal Adds $115K in Value

Appealed Appraisal Adds $115K in Value

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Andresa Guidelli moved from Brazil to Philadelphia in 2008. This was a big adjustment. Despite the title of her show, someone seems to have neglected to tell her that in Philadelphia, it’s not always sunny, especially in January. But she not only survived the cold, but also figured out how to thrive in the city of brotherhood!

Like many others who hear Bigger Pockets Podcast Can be proved, Rich dad poor dad ((((RDPD) Has had a great impact on so many people. Andresa counts herself as one of the folds.After reading RDPD, Andresa was very interested in real estate and eventually began to take part in several courses available to Rich Dad. And in other words, the rest is history.

How the accused valuation reaches an additional $ 100,000 or more value

Andresa started with a house rehab and moved to a new construction.Eventually she decided to do it short-term and long-term rentalThis is how we reach her best deal ever.

Find a deal

While investigating one of his projects, Andresa noticed that there were garbage bags and furniture in a nearby building. As a result, she came to believe that something was in the property. Since Andresa began her door-to-door sales career, she has created thick skin and decided to knock on a few more doors to get information about the property.

Related: Best ever deal # 6: House hack with FHA

She found out from a neighbor that the property was for sale, so she contacted the executor for more details and finally offered to buy.

Financing a transaction

She finally bought for $ 230,000 and invested another $ 200,000 for refurbishment.She Fund the transaction We provide short-term funding for 80% of purchases and 100% of refurbishments.

After the refurbishment was completed and the property was stable, Andresa decided to impose long-term debt on the property, including having it evaluated. When she was appraised, it valued her property at $ 560,000. This means she has generated $ 130,000 in capital.

Know her and prove it

Most investors will be ecstatic about the news! But not Andresa. She conducted a survey before making a purchase and she was convinced that she needed to increase the value of the property.

Andresa decided to delve into the rating and found some important items.

  1. All the comps used were zoned for single-family homes, and she was a triplex, so zoning was off.
  2. Properties that were valued using rent used estimated rent values ​​rather than actual rent.
  3. Some properties are not considered comps because they are too far from the property in question.

Related: Best Transactions Ever # 7: Infinite ROI with Owner Financing

One of my favorite sayings is, “Until you ask, only you say no.”

And it seems that Andresa agrees with that idea! She took her findings to her lenders to see if they would add value. They told her she would have to have her appraiser sign off — and that’s what she did.

She received her discovery, made her claim to add value, and finally received a notice that they valued it for $ 675,000.

With a little research and a lot of motivation, the value has increased by $ 115,000.

The lesson of the story: Don’t be afraid to ask questions. You may just leave $ 115,000 on the table.

Have you ever received an evaluation that you thought was lacking? Did you disagree?

Share your experience in the comments section.

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