Updated about 4 years ago on . Most recent reply
Getting same property appraised twice
Hi Everyone, I am analysing a deal with some equity in it ie. looking to buy a property much below asking price (Market value $220k, buying price $160k). I am taking a hard money loan with 20% percent down. I have a quick question, if someone can help.
I intend to take out my initial investment of 20% by getting it refinanced at the actual market value after i have bought. Is it possible that an appraiser will appraise the property at market value ($220k), since it would have been bought a month ago (when i will buy the property at $160k) at much below asking. Do the appriasers look at previous appraisals?
If someone has any other suggestions, Please let me know. Thanks