Hi everyone. I am learning SO MUCH from the posts here - so thank you all!
This question is about appraisals - they seem to be deal-makers or breakers! I have a *rough* idea of how to figure my own comps from recent sales data stuff that I can get from the courthouse, but I have no way of knowing with those whether the places are beautiful inside, dumps, etc. I also don't know whether or not they appraised higher than the sales price.
So, how can I better estimate what my potential deals will appraise for, and especially how can I estimate the increase in value from renovations?
Also, is it true that I don't get to choose my own appraiser - that the *lender* (aka the mortgage broker) gets to pick, and I only get to pay?? I would understand that the lender will have a list of approved appraisers, but wouldn't I have the option of selecting who I want? It seems to me that the appraiser is one of the most important people on your team!!