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Updated over 1 year ago,
Suggesting comps to an appraiser
Hey everyone - I'm working on a cash deal that I will use delayed financing on so that I pull my money back out. The good thing with DF is there is no seasoning period. Bad thing - you can only pull out up to 75% of appraised value and they cap you at what you spent at closing regardless of what the ARV is. I'm simplifying it a bit, but that's the overview.
My question is about the appraisal. I have seen several investors here and elsewhere talk about how they provide their appraiser with a one sheet about the property that include legitimate comps from the market. According to what I have seen, the appraiser will use the comps provided to supper a solid (and high) appraisal.
Can anyone shine some light on this? What, if any, advice or strategies do you know to help get my ARV a legit and fair outcome?
Thx!