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Manufactured Homes and Cost Approach

Discussion in 'Manufactured Housing' started by Appraisal Time, Apr 19, 2012.

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  1. CANative

    CANative Elite Member

    455
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    That's what I'm saying. Thank you.

    You have to add EP/EI and then burn it down with EO.
     
  2. USPAP Compliant

    USPAP Compliant Elite Member

    12
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina

    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.
     
  3. Doug Wegener

    Doug Wegener Senior Member

    21
    Apr 14, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Cost approach


    Are you sure you have been adequately trained to do manufactured homes?

    No offense intended.
     
  4. Ryan Jones

    Ryan Jones New Member

    0
    Jun 13, 2011
    Professional Status:
    General Public
    State:
    California
    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.
     
  5. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    Top Poster Of the Month

    758
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    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.
     
    Last edited: May 4, 2012
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