Appraisals on flips?

4 Replies

Have your realtor do a CMA on the property to get an accurate assessment of its value. If you really want to know a more concrete number, you can pay for an appraisal if you so wish.

The last few I showed up with a list of comps with notes on them as well as a list of upgrades I did. I walked through with him, pointed out all the things we did, and at the end I just felt him out and asked if we would be in the ballpark of whatever price we were looking to get it appraised at. It worked out pretty well.

I do have investors that do an appraisal every time though as well

@Marcus Prophete

I do not pay for appraisals after the flip is finished.  I run my numbers when I buy it and I run them again when it’s finished or just before it’s finished.  My numbers are generally accurate.  I use Zillow, Redfin and Trulia to analyze my comps.  Of course you can have a  realtor create a cma, but you still need to analyze it for accurate comps.  One story v. one story, age, same subdivision or as close as can be, same schools and district, etc. Crossing a major street can impact the c