Please help

Financing, Hard Money Lenders, Private Money
1

I am new at this and this is my first deal so please bear with me here.
I am buying a property from a bank well below FMV and intend on selling it in a month. It needs a few repairs but will look good after a months hard work.

  1. Is it true that if I get it appraised now, it will affect the appaisal in a month when my buyer does it to get a loan?

  2. If that is true, then are there any types of loans that I could take out without getting an appraisal?

  3. Is there anyway that I could get an appraisal for the future value maybe, instead of the as-is value?

Any advice would be appreciated, thanks for the help

2

Having an appraisel done now will in NO WAY effect any future appraisel… An appraisel tells you what the property is worth compared to others in the area that have sold in the past 6 months…

3

I concur with mwgreco…all appraisals have an “as of” date. This date is either a current or past date (never a future date!)…

Keith

4

Please help - NEW
« on: Tue. May 03, 2005, 04:05 PM »

I am new at this and this is my first deal so please bear with me here.
I am buying a property from a bank well below FMV and intend on selling it in a month. It needs a few repairs but will look good after a months hard work.

  1. Is it true that if I get it appraised now, it will affect the appaisal in a month when my buyer does it to get a loan?

I think that you are confusing with a refinance loan that if you get a loan that they would use the purchase price appraisal and not the full appraisal.

There are cash out programs that do use the appraised value and not the purchase appraisal and this is a great program to use when you need to get your money back out of the property especially if you have hard money loans and you want to rent out the property.

  1. If that is true, then are there any types of loans that I could take out without getting an appraisal?

Yes you can and usually it has to be from a LOCAL HML or PI

  1. Is there anyway that I could get an appraisal for the future value maybe, instead of the as-is value?

Yes, ALL HML AND PI
If you are useing HML they want it base on the FMV OR ARV that is so you can get the best LTV from the.

Any advice would be appreciated, thanks for the help

They only reason why you would NOT be able to sell in a month would be if you SELL the home to a FHA approved buyer because these GOVERNMENT LOANS require that you be on title for 90 days or more.

This would be your only true issue