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Updated almost 6 years ago on . Most recent reply

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Radin Mirshahi
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Appraisal when buying from a wholesaler using hard money

Radin Mirshahi
Posted

Trying to buy a wholesale deal using hard money.

Hard money lenders require appraisal.  

Wholesalers that I have looked at, do not seem to allow or like the idea of appraisal.  Interestingly, they say you can use hard money to buy deals from them....

How do you resolve this gap? What has been your experience?  I sure don't want to sign a contract and then lose my earnest money because the deal can't close!  Thanks in advance.

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Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
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Jason D.
  • Rental Property Investor
  • St. Petersburg, Fl
Replied
@Radin Mirshahi most lenders will require an appraisal. Otherwise, how will they know if the property is worth lending on. If the wholesaler wont allow an appraisal, you'll likely not be able to use any type of financing

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