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Updated over 4 years ago,
Appraisals: A novice in need of feedback
Good morning, Bigger Pockets:
I am new to real estate investing and although the process of finding my first property has been exciting, I have to say it has been equally intimidating. I have finally found one 3-unit home, which I think will be a good buy. (Note: I consulted with my mentor on the property, and he thinks it's a great property. However, he is out of state and will not be able to walk the property with me for another few weeks). I am a little apprehensive about the investment because it appears to be in need of a major rehab, which may prove to be too much for me to jump into for my first property. I have contacted a licensed contractor and scheduled a walk through of the property in a couple of days to get a better idea of how much rehab would cost. If the numbers make sense, I'll submit the offer for purchase. The question I have in regards to the appraisal of the property is this: Is it common, or unheard of, for a buyer to get an independent appraisal of a property prior to submitting an offer? If so, has anyone ever had an independent appraisal completed after the lender has had the property appraised? And if so, what were your reasons for doing so?
I appreciate everyone's feedback in advance. I'm still learning the ropes and I don't want to get in over my head on my first deal. Just trying to cover all my bases before going all in. Thanks for your assistance!