Running against the clock on this one. Got an all cash offer on a property that is 1/2 finished. Owner decided to make repairs and never finished. Now Citi has an appraisal for $135,000.00 Subject to Repairs and with an estimated cost to cure of about $84,400.00. We have an all cash offer of $83,000.00 and Citi Comes back with a counter of $112,000.00 (88% of $135k). When I questioned the negotiator she says her figures are correct.
Has anybody come across this issue in calculation before? I need help as a Sheriff Sale is Schd for 7/27/2016.
So you think a new appraisal would be the best course of action?
Cause since the current one gave a Cost to Cure, they would have to go by the appraisers estimation.
I'm assuming by your offer being Est. 80k and your post that you won't be coming up to the Est. 120k range needed to meet minimum NET per HUD guidelines. If you're not going to be able to NET them 84% as a bare minimum, you should be going a new appraisal route in my opinion.