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Updated over 6 years ago,
Professional appraisal on a unique property
I have a unique opportunity with a single family house set up for student housing. It has 6 BRs that are rented out by the door. It's unique in that there is no living area. It is literally 6 BR, a kitchen and 2 baths.
I'm relatively new to this having only bought 2 properties in June that are doing very well, but I financed those traditionally. This will be an all cash offer that I BELIEVE I can get for well below market price. However, given there is no living area I'm not exactly sure what the market price is. I'd like to refinance after 6 months to get my cash back out.
Is it a good idea or an unreasonable ask in my offer to have a contingency stating I'd like to get a professional appraisal done and offer is contingent on my satisfaction with the findings? I'd obviously have a lawyer state it more eloquently than that and something that could hold up in court.