This happened to me in August. I was refinancing a house, and the appraisal came back way under what I'd underwritten. Not a little under. Tens of thousands under. I said absolutely not. I turned that lender down, opened a file with another lender, and the second appraisal came back right around my number. On a refinance, you can do that. You can switch lenders and get a new appraisal. When it's your end buyer's appraisal, you have fewer choices. You can fight it, you can lower your price, or you can let that buyer go and find another one, and that could cost you months of payments. And there are new appraisal rules out there, so this is happening more. That's why I build room into my numbers before I ever buy. Has an appraisal ever surprised you, good or bad? Tell me what happened.

When you're new, you won't know what a deal is yet. That's normal. The most important skill you can learn is how to comp a property. If you don't know how yet, comp a friend: find someone in your market who does it and learn from them. A great deal in one market can be a terrible deal in another, so learn what makes a deal where you're buying. I'm recording a whole section on comping and analyzing deals for Academy Pro right now. Do you comp your own properties yet? Reply yes, no, or learning.

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