Discussion in 'Manufactured Housing' started by Appraisal Time, Apr 19, 2012.
That's what I'm saying. Thank you.
You have to add EP/EI and then burn it down with EO.
What a totally credible source of of reliable information......manufactured home dealers. Used car salemen and politicians won't even hang around a bunch of manufactured home dealers.
It is a good and wonderful that there are appraisers available to appraise manufactured homes. Even better.....I ain't one of 'em.
Are you sure you have been adequately trained to do manufactured homes?
No offense intended.
I'm lucky, there aren't many manufactured homes in California where I'm at right now. I know they're big in Alabama and Florida. I see it being a new nationwide trend so I think the value won't be as great for affordability reasons in the trend.
NADA is a researched source. If I go to court, I'd rather have it than claiming some arm waving approach of trying to claim they all sell for pennies on the dollar...which they do not. Condition is everything.
Secondly, I have to go no further than Sunday's paper to figure out what the RCN is on any number of models. I can calculate the dealer price....NADA is exactly the source most use to value units in trade in or to price used on the lot. Insurance companies, likewise, value them from NADA.
The failure of some appraisers to accurately value the land does not subtract from the applicability of the approach. One a farm where you may have a hired hand living in a unit on land that is worth $350,000 and barns such as poultry barns, that cost $445,000 each...how else are you going to support an adjustment for the living unit? It's not a rental. It's not accurate to pick some REO and extract some minimal value...you can make a project harder than it is.