Originally Posted by
rudyinvestment
I have 2 properties in Ohio. My goal is to sell them so I have contacted several realtors to find out about the comparables in the neighborhood which range from $15k to $90k. The investor who sold me these properties supposedly rehabbed them but in reality did not. The realtors are shocked at what the appraisal came in at considering the condition of the properties as well as the neighborhood. I never did my due diligence to go check out the properties. My houses were appraised for higher than they are worth. I am looking into filing complaints against the seller because he sold them to me directly not through a realtor and the appraiser. I am looking for any advice on how to get out of these properties without foreclosing so I won't ruin my good credit or a possible short sale. I am looking to sell these properties because the lack of repair that was done so they are now starting to have issues basically turning them into a money pit. Please help! thanks!
Of course you now realize your should have done your "due diligence" and investigated the properties closer but that's hindsight. Keep in mind that the appaiser is the appraiser for the lender that you borrowed from, not you. The lender relied on the appraisals to grant you loans so I would go to the lender, tell them it's your opinion the propeties were overappraised, (guess you have paid for your own appraisals ? You didn't say ?), see if they will seek recouse from the appraiser and renegotiate your loan or loans. Otherwise, you are in a bad position and just made a bad deal on the purchases.
