You may also need to submit inspection and appraisal reports. Even if this isn’t required, it can be to your advantage. Use professionals to appraise the home. Get bids and repair estimates for all damage. The higher the estimates to repair damage, the better. Even though the lender will order its own BPO, your supporting documentation can be helpful. You want to show expensive repairs. That’s one way to build in higher profits. Similar to preforeclosure investing, this process helps create additional equity. You can increase your profits if you can convince the broker, inspector, or appraiser that they should suggest a lower asking price when making valuation judgments the lender will be considering.
You may also need to submit inspection and appraisal reports. Even if this isn’t required, it can be to your advantage. Use professionals to appraise the home. Get bids and repair estimates for all damage. The higher the estimates to repair damage, the better. Even though the lender will order its own BPO, your supporting documentation can be helpful. You want to show expensive repairs. That’s one way to build in higher profits. Similar to preforeclosure investing, this process helps create additional equity. You can increase your profits if you can convince the broker, inspector, or appraiser that they should suggest a lower asking price when making valuation judgments the lender will be considering.