Updated over 9 years ago on . Most recent reply
Buying my first property in Miami , appraisal value question
BP members :
This is my first post on BP. I am on the process of looking to buy my first buy and hold property in Miami . While in the process , I came across a property that had a significant disconnect ( about 60k ) between the appraised value and the contract price . What does this mean? The unit has been nicely rehabbed by the seller and I'm afraid the disconnect might be caused by the over-the -top rehab. What do you guys think? Thanks for all of your help!
Most Popular Reply
If you are serious about this property, get your own independent appraisal, for both sales and rents in that area. The appraisal will probably cost you a few hundred dollars, but should be worth the money in either backing you up on a deal that makes sense or saving you from pursuing a deal that does not make sense and losing more money in the long term. Perhaps you can even use it to negotiate down the asking price.