Ask banks for ARV before purchasing a property?

[Kyle Coleman]

Team --

I’m looking to purchase my first investment property within the next month — very anxious and excited!!

Has anyone ever gone directly to a bank and asked for how much they would refinance a listed property (post any necessary repairs) to get ARV?

I'm open to be corrected here if I'm missing something obvious, but why not go directly to the banking institutions who will ultimately determine a property's ARV instead of relying on comps that may or may not be in range?

Thank you,

Kyle

[Jeff C.]

The bank doesn't determine the value.. the appraiser does. Appraisals cost money (and they aren't cheap). Banks can't make a habit of ordering appraisals on properties customers are thinking about buying. You can feel free to pay for your own. No bank necessary.