so, i totally gutted and renovated a small house in pittsburgh. nice neighborhood, cute house. i did it up really nice, with hickory floors, new anderson windows, all new drywall, new bathroom. the upstairs is a loft style one bedroom with cathedral ceiling and skylight. it's great.
i put it on the market, and got an offer in about 10 days. now, the problem is, the apprised value is about 20,000 less than the selling price. The reason - it's only one bedroom. Loft's in the area with the same square footage sell for hundreds of thousands more.
can anyone clue me in on why a one bedroom house will appraise different from a one bedroom loft or condo? i don't understand the reasoning, and no one can explain it to me.
so now the buyer is backing out because they can't get the mortgage, and i'm back to trying to sell it again. i would love to refinance it and keep it for a rental, but because i own my business for less than 3 years, i can't get a loan!
ugh...