Considering flipping a house?
Often, people and companies that sell rehabilitated real estate buy a run-down property and put a lot of money and sweat equity into it to make it attractive to a buyer. They reap the reward when the property is sold for a lot more than what was originally paid for it. There's nothing wrong with this. In fact, it makes more housing available at a time when it's in demand. And it's often a good investment choice for the eventual buyer. Many house flips are purchased for cash. All the more reason to contact Tammy Woodman to obtain an appraisal of your potential "flip" so it does not become a "flop".
For buyers- Know the risks
Before you invest in a rehabilitated property, you should obtain a professional appraisal, from an appraiser with your interests in mind. Normally an appraisal needs to be performed on behalf of the lender, by an appraiser working closely with sellers, brokers, and agents. Shouldn’t you have someone on your side making sure your money is being invested wisely? Don't let your lender "sell" you an appraisal waiver. Demand an appraisal by a Certified Residential Appraiser.
It's smart to always have an inspection done before closing on a property, but it's equally important to obtain an opinion of value from an appraiser. An inspector will tell you if everything that is present in the structure is functioning properly, what repairs may need to still be done, and whether there are any safety or soundness issues with the property. An appraiser can translate that into dollars. After rehabilitation, is the property worth what it's selling for? If something unexpected happened and you needed to sell right away, would you be able to recoup your investment?
As an investor, you need and deserve to know. Protect your interests with the help of a professional appraiser.
