Appraisal before wholesale contact

[Wesley Hoover]

I have an attorney holding 3 properties in a probate situation. I have an investor interested in purchasing all of these properties at once and wants me to get them under contract. The attorney will not agree on a contract until an appraisal is done and says that he will not agree for anything less than 100% of the appraised value. Is this normal? Who should pay for the appraisal and when should I get a contract?

[Nick C.]

You're wasting your time. If the properties are selling for 100% of appraised value, there is no equity there for the investor. How can this investor be interested in purchasing a property without knowing the price first? Does he like the paint color?? Price is the only thing that matters in this arena, every property is appealing at the right price. Unfortunately the attorney has already told you there is no deal to be had here. 

Probate is a fun real estate buzz word, but it does not mean the property is a good deal.