Posted by StevenS(CPA) on October 05, 2007 at 10:12:43:
There are several things you can do
Put in the contract your sale price or appraised price which ever is lower.
To get in the ball park look at some online comps like yahoo, zillow.com or talk to the broker and have him run comps whic he should have done already.
Hope this helps
certified appraisers - Posted by Dean
Posted by Dean on October 04, 2007 at 20:39:54:
Im working at getting my first property thru a lease option a duplex,and in talking with the mortgage broker to see what i had to do in order to cash out the seller and get financing,that a professional certified inspecor has to evaluate its worth b4 the loans approved.Any one know the process and give me some advice?
Thanks
Dean
Naive… - Posted by brandoncbsre
Posted by brandoncbsre on October 05, 2007 at 18:22:40:
…How many appraisers do an apparisal for a purchase without knowing the purchase price? Very, very,very, very,very (i think u get the point) few!!! The lender/broker almost always gives them the number and that is why so many times they magically come in at $500-1000 more than purchase. I know that some of these appraisers are no longer in business because of rediculous appraisals for cash-out refi’s, but they still know that they need to “hit” their numbers if they want to keep getting business from the brokers. You want your appraisal to be fine? Make sure everything in the loan packet is good to go and the apppraisal will be fine on a purchase.
Re: certified appraisers - Posted by Mikke
Posted by Mikke on October 05, 2007 at 06:05:41:
Simple. The mortgage brokers orders the appraisal. This is usually handled on their side of the transaction.
Re: certified appraisers - Posted by mikke
Posted by mikke on October 05, 2007 at 10:27:38:
Dean, Not sure if I’m following your question correctly. But if your looking for a value now. I would do what Steven suggested. Come up with a value for a certified appraiser or your own research and put that amound down. If your doing a lease option to sell to your potential value. You will have to get another appraisal when the lease option buyer cashes you out because most investors know that it make take 6 months or long up to years before a potential tenant buyer may qualify for the loan. Appraisals are only good for 3 months by most lenders or they need another appraisal
Re: certified appraisers - Posted by Dean
Posted by Dean on October 05, 2007 at 09:57:40:
Thanks Mike,How do i the seller get a ball park figure then as to the value of my property.If I lease option it at a certain price and when my tenant buyer secures the financing and were way off,isnt that a deal breaker