I have a property worth $660K and the owner will sell it to me for $600k + closing cost…It is property in scottsdale az…He has an appraisal that was done in july and it is for 750K which I think is highly inflated but who am I to question…Please help
The answer depends on what you are planning to do with it? Lease option? Flip? Rent it? Live in it?
While a $60,000 discount sounds like a lot - it is less than 10% of the price you say it is worth. And yes, there are a lot of overinflated appraisals that were going out the last 24 months. You have to get good comps from your area to see what properties like this are selling for now.
If you are doing a lease option, or you already have a ready buyer for it on a skinny flip, then it might be good. For a regular flip, rental, or much anything else, you can probably do much better.