Tricky Situation - Conflict of Interest
A property owner has asked me to appraise their property to determine a price for listing their property for sale. I have researched the property online, and would like to buy it. I haven't inspected it yet, but the area is up-and-coming and this property has a lot of potential.
I am just wondering how to approach the seller. My plan is to inspect the property, and let him know that I would be interested in buying the property. It would be a conflict of interest to appraise the property with the intention of buying it, so I really can't appraise it at all. Obviously we could hire another appraiser to do an appraisal to come up with a sales price, or I could just make him an offer before the process starts.
Any insight from someone who has been in a similar situation would be greatly appreciated!
Best,
Jay