All Forum Posts by: Christian Wathne

Mobile homes depreciate 

The 'anchor' ended up working very well. Appraisal just came back at $347k. 

I was personally expecting to land in the 330k range; but I wanted the appraisal to come back as high as possible, so (per the above comment) I anchored the appraiser at 350-360k. In the appraisal report the appraiser used most of the comps I gathered, and had several notes which were copy/pastes of the text I had written him describing what had been done and how much had been spent on the property, so I know the appraiser took consideration of what I wrote.

End result; if you want a high appraisal it can help to put together an info sheet for the appraiser. It makes their job easier, lets them know what valuation you're targeting, and supplies them with supporting evidence. 

Given that info I doubt it’s legally a 3bedroom and/ or it has some unpermitted reconfiguration in the past. Is there an easy wall to add a door into to give direct access to the 3rd br? Definitely something you’ll have to fix.

Rate seems high. We just refi’d our brrrr (investment prop in Washington) and received quotes from 2 companies, without any buydown points they were about 4.4 and 4.5% with similar credit and 34% dti

Cozy. Love it, very simple/professional experience for the tenants

This would be a big red flag for me; I probably would not do it

I’d always go nice tile backsplash in the kitchen, but for a rental definitely recommend fiberglass tub/shower surround

For more background; as you can see from the above comps; just going off of 3br/1ba/950sqft we could probably expect the appraisal to come in around 300-320k; but those are all older average condition homes.  I'm really wanting to push the appraiser to see the value of the rehab by anchoring them at 350-360k. 

fwiw I read this online... Anchoring is a well-documented cognitive bias that describes the human tendency to rely too heavily on the first piece of information offered (the "anchor") when making decisions.

Hi Everyone, I'm getting ready to have my Seattle, WA BRRRR appraised in a few days. (link to old thread here... https://www.biggerpockets.com/forums/223/topics/46...)

Its been rented since June and I'm now going for my final refi to get a more standard long term mortgage. 

There are many similar comps in the area in regards to sqft / beds / baths / home type / etc, however none which are renovated. I'm concerned this will likely bring down my appraisal (especially because I'm at the lower end of the sqft spectrum, 950sqft / 3br / 1ba). 

Does anyone have experience putting together an info sheet for the appraiser in order to bump them in price? I put together the below info sheet / pics, and at the bottom a list of 5 comps. My goal with stating (in the below sheet) that I expect to appraise at 350-360k is that it anchors the mindset of the appraiser, so that even if they go below it wont be too far off. Is this a good or bad idea? Love to hear your thoughts...

Here's the spec sheet I put together....

=============================================================

*Address Hidden*

Currently renting for $2,200/mo with high demand

Gorgeously remodeled from top to bottom, inside to out. No detail or aspect of the home was overlooked. $80k rehab to bring this home into the modern age. This work allows 16974 to stand above similar comps.

Based on comps and market demand, we expect *Address hidden* to appraise at $350,000-360,000.

• Outside
  • - Roof
  • - Fence
  • - Deck
  • - Exterior paint
  • - Windows
  • - Landscaping
• Inside
  • - Permitted brand new electrical service and additional circuits
  • - Complete kitchen with quartz counters, SS appliances, subway tile
  • - Complete bathroom with designer tile
  • - New flooring and paint throughout
  • - Solid wood doors and trim
  • - New water heater
  • - Lighting

Recent sales

Price	Condition	Bed/Ba	Sqft	MLS#	Address	Pic
$330,000	Avg condition	3/1	1010	1178693	1732 Beacon Wy SERenton, WA 98058
$340,000	Avg condition, old	3/1	1150	1178693	3500 Shattuck Ave SRenton, WA 98055
$319,000	Avg condition, old	3/1	910	1190202	12016 SE 165th StRenton, WA 98058
$316,400	Avg condition, old	3/1	1000	1169408	12720 SE Petrovitsky RdRenton, WA 98058
$360,000	Avg condition / Newer	3/1	1210	1183733	16309 128th Place SERenton, WA 98058

Love it!