I'm curious where everyone stands on this.

When financing an investment property—buy & hold or fix & flip—do you actually prefer a traditional appraisal, or would you rather work with a lender that can use an alternative valuation method when possible?

I can see both sides.

Reasons to want an appraisal:

• Third-party opinion of value
• More confidence that you're not overpaying
• Can help validate your ARV on a flip

Reasons to avoid one:

• Saves time before closing
• Eliminates the appraisal fee
• One less hurdle that could delay the transaction
• Avoids situations where a conservative appraisal changes the economics of the deal

For those who have done multiple investment deals:

• Have appraisals ever saved you from a bad purchase?
• Or have they mostly been an extra expense and delay?
• If you had the choice on every deal, which route would you take and why?

Interested to hear everyone's experiences.