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Title Retired

Discussion in 'Manufactured Housing' started by jweyer79, Oct 21, 2007.

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  1. jweyer79

    jweyer79 New Member

    0
    Oct 21, 2007
    Professional Status:
    General Public
    State:
    Indiana
    I searched the forms but with little luck. How does a retired title effect your appraisal? sorry if this question is already posted.
    Indiana
     
  2. CANative

    CANative Elite Member

    380
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    It's probably just the local method of classifying the improvements as a permanent affixture, making it real property.

    I'm not sure I understand the question. Don't let anyone try to fool you into thinking that "retiring the title" converts a manufactured home into a site built home.
     
  3. jweyer79

    jweyer79 New Member

    0
    Oct 21, 2007
    Professional Status:
    General Public
    State:
    Indiana
    thanks you for the response. does the county have to accept this has a manufactured home and not a mobile once the title is retired. i have retired my title and filed the correct paperwork with the county. Thay told me it doent matter. ( thay where very rude) Will it make a diffrence with the appraisal. Will the appraisaer list it has a manufactured home or a mobile? thanks in advance.
     
  4. jweyer79

    jweyer79 New Member

    0
    Oct 21, 2007
    Professional Status:
    General Public
    State:
    Indiana
    Thanks Greg Boyd, Very Very Much
     
  5. CANative

    CANative Elite Member

    380
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    There is no relationship between title and the building code used in manufacturing the home.

    If your home has a permanent steel chassis and was built before June 15, 1976 it is considered a "mobile home." If it was built the next day (June 16, 1976) then it was probably built to the HUD building code and would be considered a "manufactured home." Evidence of this can be found on the house. There should be a red metal plate (HUD certification data label) on the exterior of each transportable section. This will have verbiage certifying it was built to the HUD National building code. There should also be a paper label with a diagrame of the United States affixted inside the home (usually in the master bedroom closet, laundry room cabinetry or the kitchen cabinetry). This is the HUD Certfication Data Plate.

    Once built, nothing changes.

    Here's a useful link...

    http://www.nw.org/network/comstrat/manufHsg/documents/ManufHsgSection01.pdf
     
    Last edited: Oct 21, 2007
  6. jweyer79

    jweyer79 New Member

    0
    Oct 21, 2007
    Professional Status:
    General Public
    State:
    Indiana
    Thanks again for the info, you have been a great help.
     
  7. jweyer79

    jweyer79 New Member

    0
    Oct 21, 2007
    Professional Status:
    General Public
    State:
    Indiana
    just one more question sorry, my home was built in 91, the previous owner removed all tags. He then resided and remodled the home and added on to it. i had to request a new vin to retire the title. when the appraisaer goes to the court house thay tell him its a mobile home. Why? if it was built in 91? sorry for all the questions but i have had alot of trouble with all of this. is there something i can do to fix thing at the court house????
     
  8. Jo Ann Meyer Stratton

    Jo Ann Meyer Stratton Elite Member

    42
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    Different entities use different nomenclature. For lending purposes a home constructed to the HUD building code after June 15, 1976 is a manufactured home. Lenders consider factory built residential structures built prior to that date mobile homes and most lenders will not finance a mobile home. Check out the various links at the top of this section of the forum. There are factory built residential structures built to the local building code in the same factories as HUD code manufactured homes. Those are known as modular homes, with two different types available. Those with a permanent steel undercarriages are known as "on frame/chassis" modular homes and are not eligible for a loan that will be sold to Fannie Mae. They are eligible however for a loan that will be sold to Freddie Mae or insured by FHA and Va. Modular homes that do not have a steel undercarriage are known as "off frame/chassis" modular homes and considered site built homes by all lenders.

    Real estate property taxes are a completely different story depending on the tax and assessment statutes for that specific taxing authority. Quite frequently taxing/assessment authorities refer to everything with steel undercarriages mobile homes regardless of which building code was followed at time of original construction. Part of that reason is that the legislative statutes were written twenty to forty years ago when the only term available was mobile home. And the governing agencies haven't bothered to bring their terminology up to date to reflect the various building codes.

    Most lenders require the factory built structure to be taxed as real estate. Therefore the title has to be retired/surrendered/purged/etc and documentation filed with the assessment office so that the home can be taxed as real estate. Again different governing entities use different terms and procedures. They still will call it a mobile home or they might even say site built home. Whatever terms the taxing/assessing authorities use does not have an effect on financing. So your local governing authorities will continue to use whatever wording they have been using regardless of lender requirements.

    A lender (and an appraiser) has to know what original building code was followed in the factory to determine which loan program would be applicable. They would also require the home to be taxed as real property, the local governing entity will do their thing and other than taxing as real property, their thing does not affect the financing requirements.

    Check out the Titling issues for Manufactured Housing at the beginning of this section. Click on your state and read the requirements for your locality. Maybe that will answer your questions.

    Also protect and preserve any labels, insignias, seals, documentation you can find. Was there a serial number or vehicle identification number on any paper work when your purchased the property? Etched into the steel of the front metal cross beam (as the unit would have been pulled down the road from the factory) is the original serial number. One of the bits of information at the beginning of this section is a contact to verify the HUD building code with that serial number. If you are applying for a FHA loan, it is free--if not it costs $50. You might consider applying for that verification and then retaining it in your files forever.
     
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