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House For Sale With Mobile Home(s)

Discussion in 'Urgent - Help Needed' started by Hank Outlaw, Aug 24, 2004.

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  1. Hank Outlaw

    Hank Outlaw Member

    0
    Feb 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Good evening,

    I had a call from a real estate agent today asking for advice... so I'm asking for your advice! Have any of you had any experience or dealings with the sale or appraisal of a single family home (in town) that had a single wide mobile home in the back yard? The owner (investor) wants to list the property. The home rents for $590 per month, and the trailer (oops - mobile home) rents for $395 per month. The trailer (I believe) was "grandfathered in" as far as zoning goes.

    The agent also has an opportunity to list another property that this investor owns which consists of a house and five mobile homes.

    I'm thinking that financing for a buyer is going to be something of a challenge due to the mobile homes... not your typical single family sale with a trailer thrown in. And, I imagine that a bank isn't going to be too crazy about financing an income property with a trailer(s) on it. The mobile homes are in the 1984 to 1998 age range.

    Any suggestions, advice, caveats, etc. would be much appreciated.

    Hank O.
     
  2. Jo Ann Meyer Stratton

    Jo Ann Meyer Stratton Elite Member

    28
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
  3. CANative

    CANative Elite Member

    160
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    :rofl:

    Sounds like a moderately complex consulting assignment where regional knowlege and competence would be required.
     
  4. Jo Ann Meyer Stratton

    Jo Ann Meyer Stratton Elite Member

    28
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    See my comments over on AI Forum and for the other readers of this posting--it is a manufactured home!!
     
  5. Hank Outlaw

    Hank Outlaw Member

    0
    Feb 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Greg,

    What political office are you running for? Your response definitely covered all the bases! :shrug:

    Thanks
     
  6. DB

    DB Elite Member

    0
    Apr 29, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    Hank ... I have merged your topics. Our rules allow for posting a particular article or question in only one forum. Since your posts were identical, they have been merged here.

    Thanks....
     
  7. CANative

    CANative Elite Member

    160
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Sorry Hankster... I wasn't laughing at you or your problem. I was laughing at Jo Anne's ubiquitous response to the mobile/manufactured faux pas.

    The other comment was my way of saying "I don't know." Your dilema seems to require specific local knowledge.

    My apologies if I offended.
     
  8. DB

    DB Elite Member

    0
    Apr 29, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    This is fairly common in TN and we can usually find comps with no problem .... which backs up Greg's geographic competence assessment.
     
  9. Mountain Man

    Mountain Man Elite Member

    23
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
  10. Hank Outlaw

    Hank Outlaw Member

    0
    Feb 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Thanks for all the responses. In this case, I think that the prospective listing agent has more knowledge than I do regarding the market and comp data. These properties are located in a small town that I'm not very familiar with, but she sure is, having the largest share of the market for many years.

    I was mainly interested in getting other thoughts on how to skin this cat so to speak, ie. trying to determine the value of the house and the contributory value of any other improvements, in this case, MANUFACTURED single wide homes, or looking at the income for both the house and MANUFACTURED home(s), and / or sales of a home with a MANUFACTURED home on the property. My answer would be "yes" to all of the options.

    Thanks again... and no offense taken! :D :peace:

    Hank O.
     
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