- Joined
- Dec 18, 2015
- Professional Status
- Certified Residential Appraiser
- State
- Texas
Here is my concern. There are 230 brand new condo units being built and should be finished by the end of December 2017. The development is located right by my "office" and I'm purchasing a unit for an investment because I know it's about to be the next hot market in my area. I know there are four preferred lenders the developer is using in this development, I'm on all four of their panels which means I will probably get a lot of bid requests on most of these 230 units. My question is, will this be a conflict of interest to appraise other units in the development? I can pay cash, but I know I'm about 20K over market because I purchased an addition parking space because I know parking will be an issue. I'd rather get a loan and pay half and "hope" it doesn't appraise at contract and force the developer to drop the contract price 20k and I would essentially get the additional parking space for free.
The thing is, the developer's son was in my fraternity and I kind of know him and I don't want to make it awkward if I were to appraise sales and they don't meet contract.
I could be missing out on an opportunity to cash in with appraisal assignments, but on the other hand, I kinda don't want mine to appraise either... what to do...
If anyone has any insight to this, It would greatly be appreciated as I just got my first order to appraiser a unit in the development, but I declined. Thanks in advance.
The thing is, the developer's son was in my fraternity and I kind of know him and I don't want to make it awkward if I were to appraise sales and they don't meet contract.
I could be missing out on an opportunity to cash in with appraisal assignments, but on the other hand, I kinda don't want mine to appraise either... what to do...
If anyone has any insight to this, It would greatly be appreciated as I just got my first order to appraiser a unit in the development, but I declined. Thanks in advance.