Need an appraiser for my first deal?

[Marjorie Florestal]

Dear all,

I'm closing in on my first deal! But right now, I'm stuck on establishing the ARV. I would love your help in deciding whether I should just go ahead and get a professional appraisal? This is a cash deal so I don't necessarily "need" one.

I've had my agent pull the comps, and I've read some great information on this site on estimating ARV, but I'm not confident in the number I come up with (my agent says it's"good value" but that doesn't help me as a newbie investor to verify the numbers).

There are some problems with the comps as far as I can see: The house is a manufactured home (on a PRIVATE lot of 10,800 sq. ft, which comes with the sale) but I can't find comps that take that into account. It is a small town/unique waterfront area and my house is not directly on the water, while the other comps ARE. My house is an REO while the other comps look to be regular sales.

On the plus side, my house is elevated and seems to meet flood zone requirements (although I'm waiting to get the elevation certificate to be sure) while the comps are flat and were likely "grandfathered" in when new regulations were passed. So, the comps haven't been updated because any major reno would require them to meet code, while my house is a "newer" home built in 2003 with some upgrades.

I am a lawyer and a first time investor, which means I approach this deal VERY carefully. Recognizing that my training pushes me to think worst-case, I'm trying to keep things in perspective. I would love your thoughts on a few questions:

(1) Should I go ahead and get an appraisal? This is a cash deal so no bank is forcing me to do it. House listed for 179,500k but bank agreed to 163k. If I'm correct, ARV is between 200 to 215k. I'm getting someone out to help me estimate repairs, but based on my analysis pre-home-inspection I'd think 5k.

(2) If I get an appraisal, what's the best way to find and vet an appraiser? This is a small town and unique community as well as manufactured home, and I don't think every appraiser would necessarily have the knowledge.

I could probably use someone my agent recommends but I'd feel better to find someone on my own.

Thanks for your help!