Asked by Tima128, Alpharetta, GA • Sat Jun 25, 2011
Hi, we purchased an incomplete new construction as a foreclosure from the bank which had the home appraised at 1.7million unfinished. We were able to get the home for 550,000 cash and have spent another 500,000 cash completing the home. The home is 14,000 sqft and was to be sold for 2.5million when completed by the builder. While finishing the home, we did not spare any expense and have completed it with top quality materials. Now that the home is completed, we decided to go and refi the home and take out some of the cash we put in it. The appraisal came back at only 835 from our bank. This was not an issue since we only wanted to take $400,000 out but to know that we have a million invested on a home that we thought we got a great deal on really bothers me. Our insurance co will not even insure it for less than 2.3mill. What could be a reason for this low appraisal? I was expecting even in a down market at leaat a value of 1.5m . Any suggestions will be greatly thanked
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