Hiring Independent Appraisal

Currently working on buying my first investment property. It’s in a relatively rural area, so it’s taking a long time to close (4+ months). Part of the delay is challenges with getting the appraisal. I am going to use a private mortgage and won’t be going through a bank but still need an appraisal. I was going to pay for an independent appraisal, but am worried about dropping to the bottom of the pile if the appraisal isn’t ordered by a bank (who is likely a repeat customer). Is this a valid concern?

The other option is to initiate the mortgage with the bank, get the appraisal and then just not get the mortgage. But that is feeling pretty dishonest even though I am sure mortgages fall through all the time. Any advice?

submitted by /u/local_distance_nm
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Currently working on buying my first investment property. It’s in a relatively rural area, so it’s taking a long time to close (4+ months). Part of the delay is challenges with getting the appraisal. I am going to use a private mortgage and won’t be going through a bank but still need an appraisal. I was going to pay for an independent appraisal, but am worried about dropping to the bottom of the pile if the appraisal isn’t ordered by a bank (who is likely a repeat customer). Is this a valid concern? The other option is to initiate the mortgage with the bank, get the appraisal and then just not get the mortgage. But that is feeling pretty dishonest even though I am sure mortgages fall through all the time. Any advice? submitted by /u/local_distance_nm [link] [comments]

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