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Updated almost 8 years ago on . Most recent reply
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Questions about Appraisals
I have a few questions about the appraisal process if I have found a good deal. Not having gone through the process, these may seem silly, but I'm curious to hear any responses.
-If I'm good at finding deals or have a motivated seller, there's a good chance I'll be purchasing below the appraisal value, correct? If so - and the lender agrees - is the appraisal still necessary? If so - is this information shared with the seller? Once again, if so - are they motivated to stop the deal and sell at a higher price?
Somewhat related question: let's say I appraise a duplex, triplex, or quad based on income potential - does a formal appraisal take this into account or are they still looking at it from a residency standpoint. Is this my potential advantage?
Thanks a million!
Robert