Cash out refi off market deal - appraisal before purchase

[Nicole Dechow]

We are looking at an off market deal a block over from a property we just purchased.  We know what our house appraised for but the thing that makes us nervous is the house next door to the new property sold for quite low and that would be a pretty decent comp (it sold in Dec 18).  We would be looking to buy the property cash and do a cash out refi immediately so we would not have to put any of our cash into the deal.  Has anyone put in an offer contingent upon an appraisal and done the appraisal before purchasing?  Thank you in advance!

[Tarik Turner]

I agree with @Fred Shatzoff get a mortgage on the property and have it go through the complete underwriting guidelines of the lender.

The other option would be to order a BPO with a really strong realtor