MHP Appraisal for Bank Loan

[Michael Lyons]

We are under contract for a 33 lot MHP with a financing contingency.  This will be our first park.  The bank says they will loan on either the purchase price or the appraisal price - whichever is lowest.   We will be putting 20% down and financing the rest of the park.  Does anyone have any tips for the park appraisal?  My understanding is that we cannot pick the appraiser.  Is there anything we can do to make sure the appraisal is favorable?  Can we provide comps for recent park sales?  Does anyone suggest having the owner meet the appraiser on site?  Any other tips?  Thanks in advance!

[Account Closed]

@Michael Lyons

If the bank is loaning the money, they will choose the appraiser and yes, the owner can be there but if the owner try and influence the appraiser, it could kill the deal. Let the appraiser do their job, and if you don't like the results, then bring proof, they are wrong.

Joe Gore