I'm looking to buy a property from family members. It's an old lake house mobile home with addition. There is a hole in the roof that caved in the ceiling and has damaged subfloor to some extent in a portion of the added on segment. I've been approved for the amount needed but they indicated it comes down to if the appraisel will meet the selling price and what the extent of the damage is. From the taxes the land is worth all of the value and the house is only around $5K. What are the odds the appraisel will still come back ok given th damage? Will the appraisel consider it sits on lakefront property even if the house is worthless and does that potentially affect the loan if the house is not livable? For context the sales price is 125K
[link] [comments]
source https://www.reddit.com/r/RealEstate/comments/1kigwhu/risk_of_appraisal_not_meeting_selling_price/
Comments
Post a Comment