All Forum Posts by: Anna Catron

Hello there!  I just spoke to you regarding your Amarillo quadplex. I'm also interested if this property sold?  Thanks!

So we looked at a MHP with 45 acres, and the open acres would've required quite a bit of maintenance.  Are the acres in this one open pasture, wooded?  How's the driveway?  How far away is the water connection if you were to get on city water? What's the seller's motivation? Is there room for negotiation?  Will the town support filling 17 more homes?  What if you add another 20 pads?  How many large employers does the town have?  

We still haven't purchased one, but those are some of the questions I'd have. 

He didn't know that we bought it for $130 in 2017. The data we had, though we didn't know to give it to the appraiser ahead of time, put the house 185-210. The appraisal returned at 167.  I spent many hours putting together rebuttal docs, but to no avail.  We considered paying another appraiser, but opted to just borrow from family. My broker (3 times now) isn't happy, but it doesn't make sense to pay 6k to borrow 14k.  

Next time (not giving up!) we will meet him/her with data (comps and repairs) in hand!! 

He didn't know that we bought it for $130 in 2017. The data we had, though we didn't know to give it to the appraiser ahead of time, put the house 185-210. The appraisal returned at 167.  I spent many hours putting together rebuttal docs, but to no avail.  We considered paying another appraiser, but opted to just borrow from family. My broker (3 times now) isn't happy, but it doesn't make sense to pay 6k to borrow 14k.  

Next time (not giving up!) we will meet him/her with data (comps and repairs) in hand!! 

Yep, thanks, y'all!  Just going to call it education and keep going!  Next time, we will have the data in hand BEFORE and lower expectations a bit.  Yes, saving him or her work on the front end is more likely to benefit us than asking him/her to do MORE work afterwords when I rebut appraisal.  Lesson learned! Time to learn about raising private capital!!

PS Thank you so much for mentioning "him or her".  I get so tired of every buyer, broker, flipper, appraiser, contractor being referred to as "him".  The first 8,000 times, it was fine, now it's just irritating! 

@Bob Barilla

Instead of posting an identical question, I'll just tag onto this one.  What did you do?  We're in the same boat and my spouse is livid. 

Cool. Very good explanation. I love my broker, and I know most of the answers to those questions, but I'll ask if there's any difference when my loan goes to Wells Fargo. Thanks!

@Andrew Postell.  I hear people talking about this quite a bit, selling the loan.  Why should I care if my lender sells my loan?  The terms stay the same, so what am I not seeing?  Thanks!!

I would get an appraisal w owner financing and act as if it were part of the process so that I have support when presenting my bullet points. If it's just he said, she said, the owner will believe themselves to be the authority.  Better, IMO, to make the appraiser the authority...unless you think you're 100% sure getting a great deal, in which case, smile all the way to the bank and send the seller flowers!

Oh, maaaaan, I was so hoping someone else was talking about Nacogdoches!!