Appraisal needed for seller financing?

[Charlotte Dunford]

Do I need to order an appraisal when the seller is financing the park?

[Frank Rolfe]

Try to get at least 7 years on the seller note. If they won't go more than 5 then see if they will give you the option to "buy" 2 more years by paying an additional $10,000 down on the principal at the end of year 5 if you need it. If you don't need the extra two years then it costs you nothing, and if you do need it, the money goes towards the balance on the note.

It's the best insurance policy possible if there is a dislocation in financial markets that requires you to have more time to find a bank.

The seller will be impressed that you are thinking that far ahead, and they don't want to get the park back in 5 years and return from retirement in Florida to run it.