I am not going to flip it. The condo which I like is a flip property. Someone bought it in Nov of 2012 and selling now. For me it will be a main residence. I am trying to save as much money on closing costs and appraisals as I can.
Buyer end up having the home sold to them cheaper by just $20K. They buyer had to uphold their original promise on the contract to fork out the additional $20K to close the deal for the shortage. Luckily the deal closed well Buyers Happy.
Yes...if a property is flipped in such a short time such as 60-90 Days, from the Bank's perspective..they need to take two snapshots with appraisal values before lending. If you really like the condo..measure risk and reward analysis. How much are most condos selling for? If both appraisal values show a low value..or you spent money on the first appraisal value comes in low..how low is it....the Buyers' Agent should advocate your case for a price reduction or shared cost of the appraisal difference...can you afford to pay the difference in appraisal value if the money amount is not too great. Good Luck.
SF Bay Area Realtor Expert at Prudential CA Realty Sunset Office
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Vicki is correct. It's an investment property and I am buying it as a primary residence. I was just wondering if I have to pay those two inspections or if there is a way my lender can pay. The lender said I have to pay for both plus some of the closing costs. The lender is giving me 3.75% for 30 years fixed with 20% downpayment. Do you think I can get a better rate somewhere else?
Good luck with your purchase!