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Single wide mobile turned into 2,600 SF home.

Discussion in 'Manufactured Housing' started by Grace, Jan 17, 2002.

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  1. Grace

    Grace Sophomore Member

    0
    Jan 17, 2002
    Professional Status:
    Licensed Appraiser
    State:
    California
    I inspected a home today that had started out as a single wide mobile. Now it's a 2,600 SF home. They did a great job and incorporated the mobile to look like the rest of the home, with wood siding, paint, etc.

    The mobile however, has a foam roof, while the rest of the home has comp. shingle.

    Obviously, I will not find anything remotely similar to use for comps.

    How, or would I, adjust for the mobile portion?

    Also, how do I address the age issue.

    Thanks in advance for any advice.

    Grace
     
  2. Kevin Darland

    Kevin Darland New Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Kentucky
    Grace
    I wish I had some great and easy answer, but this is something that I havent came across. However, one thing you might want to be careful about is the structural integrity of the manufactured home. I say that because, before I started doing appraisals, I worked for a company called GreenTree Financial---they were a major player in the financing of manufactured homes, and one thing I learned while there was that even adding something like a covered porch could potentially effect the structure of the home---maybe things have changed for these homes since I worked there, but that has been something that has always stuck with me when I get an assignment for a MH. Good luck with this one and be careful.
     
  3. Ryan Nyberg

    Ryan Nyberg Senior Member

    0
    Jan 15, 2002
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Washington
    Grace,

    Sounds like you got a real fun one there. :wink: Here in washington state. The state law says that a manufactured house can not be structurally altered without inspection and approval from the state L&I, does your state have anything like this? The original manufactured house and additions are they attached ie enclosed the entire manufactured house. Could the manufactured house be removed without structural comprimises to the site built addition(s). Has there been permits issued for the construction of the stick built addition and any occupancy permits? What year was the manufactured house built? You might wan't to call the client and inform them of what there is. They may just want to cancell the appraisal request, because, they may not be able to lend on such an atypical property. As far as comparable sales go search MLS and if your in a disclosure state for any such properties regardless of location. The problem is finding such a property. Then use paired sales to show the acceptance of this type of property and make any location adjustments neccessary. Talk to any local realtors see if they know of any such manufactured house with additions. There just maybe no comparable sales but due the due diligince in looking. (Spell check would be nice) If there are none then really have fun and use manufactured single wides that are original in structure size and quality to the original manufactured houses, manufactured triple wides equal in structure size, and site built 2,600 sf house and get really indepth on the explanation. CYA yourself and if unsure call for a structural engineer inspection to ensure that it was not just patched together. Like Kevin said, even adding a porch on to a manufactured house can create real structural problems.

    Ryan

    PS charge accordingly for the extra work to be completed on this one. :twisted:
     
  4. Mountain Man

    Mountain Man Elite Member

    12
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
    Grace,
    Call you client and tell then what you have. I do not know of many that will want to touch this one. Check with the planning and zoning office, is this a legal use? Was it approved through the inspections office? If they will go for the loan, good luck. It will be a hard assignment, if you accept it. :cry:
    Mell.
     
  5. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member

    19
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    Unfortunately, no matter how you slice it, you have a manufactured home with a addition. The comparable sales are manufactured homes with additions. I don't know about your area, but we have them occasionally here. Thye may have added a lot of square footage, but the base home is a manufactured home. Check all manufactured home sales and read there descriptions carefully. I would not try to sugar coat your report. state what it is. In my opinion, you should compare it to other single wides and adjust for the addition, or to use similar size manufactured homes. In my history with manufactured homes (and I have appraised many re-sales) the cost of the addition has no bearing on its contributory value. You may have an odd layout and other functonal and physical problems, too. If you can tell that the home was originally a manufactured home then so can other people.
     
  6. Jo Ann Meyer Stratton

    Jo Ann Meyer Stratton Elite Member

    16
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    I agree with most of the comments so far. My questions when was the unit originally constructed? If prior to June 15, 1976 it is a mobile home and that could create problems by itself. It will not be able to get FHA financing and possibly not be able to get Fannie Mae financing unless the unit has been reconstructed to HUD code. If constructed to HUD code after June 15, 1976 it is a manufactured home. Then the single wide versus multiple wide starts creating problems. The unit is still a manufactured/mobile home regardless of how much construction has been done. You might have to use comparables that are very dated or a long ways away. Other than it being a "trouse as Bobby Bucks would say", what is the marketing feature of the property? Location? Acreage? View? What other propeties would a prosective buyer consider before settling on this specific property? When you have decided what the market is for the subject and start gridding the comparables--if the unit itself could stand with out the addition put the units GLA on the GLA line, then the addition some place else on the grid. Then compare unit GLA to other MH or site built (if applicable) GLA. Then compare the addition area to other additions (whether to a MH or a site built). And of course lots and lots and lots of explanation. And very probably four to seven or eight or nine comparables! A single wide with an addition, a double wide with an addition, a site built with an addition, a single wide without addition, a double wide without addition, a triple wide, etc, etc, etc! Have fun. 8)
     
  7. David S. Roberson

    David S. Roberson Senior Member
    Gold Supporting Member

    4
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    I agree with Tim from Texas. I have done three or four of these, and all you can do is look for manufactureds with similar additions. If none can be found, just use manufactureds similar to your original & adjust for the contributory value of the improvements. There may be a better way, maybe someone else has an answer.
     
  8. airphoto

    airphoto Senior Member

    0
    Jan 15, 2002
    Professional Status:
    Retired Appraiser
    State:
    Pennsylvania
    In addition (pun intended) to the excellent posts above, you have another problem: Homeowner's Insurance! Most home insurance companies consider anything mobile home to be entirely tin house, regardless of the percentage of site-built addition. If there's ANY tin present, it's all tin in their book!

    Thus, the homeowner has an insurability problem which may or may not effect the sale value .. but should, IMHO, not be left out of your report!

    Cheers!
     
  9. Dan/Fla

    Dan/Fla Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I did one similar to this manufactured home with more site built that manufactured. But in my case the only part that was left of the manufactured home was the metal frame under the orginal single wide. But since that frame was never removed nor have they call the county out the change is land use classification it is still concidered a manufactured home. Used 4 comparibles 2 current manufactured homes similar in size, and 1 site built home, frame construction (only because I though Concrete Block or Brick would be asking for to much. Last comparible was a home I happen to see while driving around it appeared to be a M-H with large addition. it was only 2 years old and sold close to my final value, used to support. Also this is 1st home I done in years with 12 interior Photos (that was not a foreclosure) to support commits on its superior condition.

    Actual age used built I used 1979 or 23 Years off property records with effective age of 8.

    Hope this helps
     
  10. Richard Carlsen

    Richard Carlsen Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Michigan
    Grace:

    Take it from someone who has learned the hard way:

    ONCE A MOBILE, ALWAYS A MOBILE.

    You most likely won't find comps becuase these things are so hard to finance. Look for the best you can find and hit it with some functional. How much I don't know. You'll have to figure that one out from your market.

    Make sure your lender is well aware that this is a mobile! No matter how much they add to them or change them, they at still mobiles.
     
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