Quick Flip Question

[Paul K. McCoy]

Quick question, I’m looking at purchasing a home with all cash and waving the appraisal. My main concern or question is, if I purchase this home and close on it in two weeks and then relist the home a couple weeks later, will I run into issues with an appraisal when I later bring in a buyer for myself.

The strategy behind this is to waive the appraisal in hopes of getting a really good purchase price and then making money when I resell.

[Account Closed]

Quote from @Paul K. McCoy:

Quick question, I’m looking at purchasing a home with all cash and waving the appraisal. My main concern or question is, if I purchase this home and close on it in two weeks and then relist the home a couple weeks later, will I run into issues with an appraisal when I later bring in a buyer for myself.

The strategy behind this is to waive the appraisal in hopes of getting a really good purchase price and then making money when I resell.

People do that all the time, all day long. They are usually selling to investors though. You "might" have a problem if you intend to list on the MLS and the buyer uses an FHA or VA loan. You should talk to a local mortgage broker (not a bank) and find out what the local conditions are.