Came across an opportunity to buy a short sale at whatever the "as is" appraisal comes back.
ARV is 104k.
Rehab- 20k (cosmetic)
If the appraisal comes back 45-50k I will buy it.
Has anyone else done something like this? This will be my first.
I'm having an appraisal done tomorrow (Monday).
Looking to hear some expert advice on this.
Thanks in advance.
I purchased a condo that was a shortsale. I ended up picking it up for appraised at the time for 105k, put in 20k to update the entire inside and add a space for a washer and dryer. I rented it out for 1500 a month, however it now appraised for 260k. The only that was challenging in my purchase was the amount of time it took. It took in total 6 months to purchase, and 2 months to renovate as the inside was in pretty bad shape.
Why do you say you get to buy it for the "as is appraisal"?
Why would you expect the as is appraisal to be 45-50, if ARV is 104k and repairs are 20k?
I have bought 4 short sales with another 2 currently with offers out. I have also put an offer out on the house and than they have come back with an approved or counter. So not sure what you mean by the appraisal. I have had a lot of luck with short sales and have done very well. I even write about my experience with short sales on my website.
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