2nd Chance at dream property — cannot lose it this time

[Mike S.]

Recently discovered a very unique and truly one of kind property that is exactly everything I’m looking for and I’ve become quite emotionally attached to it.

I lost it in a bidding war a few weeks back by only $3k at the time (there were 21 offers and it went for all cash at $100k over ask). It is a fixer and was priced low intentionally to drive interest and demand.

I’ve researched and learned that it was picked up by a flipper (hobbyist, not a pro). I’ve learned that he and his wife are passionate about flipping the house as a couples project - they’re not interested in a build to my spec arrangement or negotiating a deal for sale now before they are done. All indications are that they are planning to put it back on the month in a few months and let the market run its course.

I plan to be there again, however, I am concerned over losing it for good this time. I will have over $100k to put down and have close to $400k in equity in my home (with perfect credit & pre-approval up to more than a sufficient level), however, I know that that does not carry the same weight as all cash which is far too common right now.

When it sold this last time, all cash, the buyer (current owner) was able to close in 5 days. While I am a very eligible buyer and capable of a healthy appraisal waiver, the appraisal requirement still adds calendar days that I am concerned could still kill the deal...

I have learned that the current owner may be open to letting me do a walk through when he is done, pre-listing. Indications are that he will not be willing to negotiate an offer of any amount at that time.

Here’s a crazy idea I have that I am thinking about for leveling the playing field with cash... I would like to ask my lender if they will allow me bring (order) an appraisal for the time of that pre-listing walkthrough (pre-contract) to allow me to then use that when the house goes to market so that I can offer an immediate close as part of my offer. Seeking feedback on the feasibility of this approach.

I realize that if I order an appraisal on my own, the bank will not honor it.

Thank you in advance.