Christian OsgoodCEO, Multifamily Strategy · CEO at Multifamily Strategy

Is it Luck though???

9 Oct 2022 · 0 min

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0:28

When you get a bank mortgage, an appraisal protects you both. If you offer $1 million for a property that appraises at $800,000, the bank only lends on the lower number. With seller financing, there's no appraisal, no bank, no safety net.

If we're not doing what you guys do, which is seller financing, there's no banks involved, you're lucky, fortunate. Most of my clients are financing, and so we're now, we're going to wait for an appraisal. Okay. And that's, again, people kind of get frustrated with appraisers. I do too, but they're to protect the buyer and they're to protect the bank. You may be willing to pay $1 million on a property, but if it only appraises for $800,000, maybe you have second thoughts about paying $1 million, and your bank sure as heck isn't going to give you a loan based on the million-dollar offer you made. They're going to base it on $800,000. So.

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