Читать книгу Flipping Houses For Dummies - Ralph R. Roberts - Страница 59

Someone who buys a home typically borrows money from a lender and uses the property as collateral for the loan. The bank or another lending institution orders an appraisal of the property to make sure it’s worth enough to cover the loan in case the buyer defaults on the loan. The buyer typically pays for the appraisal as part of the closing costs.

As a flipper, you don’t need an appraisal unless you’re borrowing money from a lender who requires an appraisal to approve the loan. However, if you’re unsure of the value of a particular piece of property, an appraiser can help you confirm its potential profitability or perhaps present you with some figures that make you think twice about pitching an offer. You can ask the appraiser to provide you with two estimates: property value before repairs and renovations (as-is value) and property value after repairs and renovations (after-repair value). Such an appraisal may cost a little extra (anywhere from $350 to $475), but the additional information may help you make a better decision, especially when you’re just getting started.

If you’re in the market for an appraiser, ask your mortgage broker or loan officer for a referral.

To determine whether a property is worth buying, check out the recent sale prices of comparable properties in the same neighborhood and consult your real estate agent or another experienced investor for a second opinion. An appraisal may do you little good when you’re buying distressed properties at a deep discount.

Whether you’re buying or selling a home, beware of inflated appraisals. Some real estate scams rely on inflated appraisals to sucker mortgage companies into lending more than the home is worth. If the seller is willing to take $185,000 for the house but it appraises at $225,000, paying the seller $225,000 with the intent of receiving cash back from the seller is fraudulent. Nefarious appraisers may also jack up the value of a home to inflate the homeowner’s equity so that the owner can qualify for a loan. Don’t rely solely on an appraisal to determine the true value of a property. By specializing in properties in a certain price range and in specific neighborhoods, you can become an expert on property values in that niche.