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  #11  
Old 04-24-2012, 01:54 PM
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CANative CANative is offline
 
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Quote:
Originally Posted by Terrel L. Shields View Post
I would never attempt one without a cost approach. If you have the model and manf. and year of manufacturer, then NADA provides you with written solid support of the contributory "value" of the unit - and that "value" is based on polling of dealers. Since MHs are far more uniform than stick built, at the very least the CA with NADA gives you a value that would be hard to refute in court. The fact there is generally an element of external obsolescence is what appraisers do, isn't it?
That's what I'm saying. Thank you.

You have to add EP/EI and then burn it down with EO.
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  #12  
Old 04-24-2012, 02:26 PM
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USPAP Compliant USPAP Compliant is offline
 
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Originally Posted by Terrel L. Shields View Post
I would never attempt one without a cost approach. If you have the model and manf. and year of manufacturer, then NADA provides you with written solid support of the contributory "value" of the unit - and that "value" is based on polling of dealers. Since MHs are far more uniform than stick built, at the very least the CA with NADA gives you a value that would be hard to refute in court. The fact there is generally an element of external obsolescence is what appraisers do, isn't it?

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.
  #13  
Old 04-29-2012, 12:16 PM
Doug Wegener Doug Wegener is offline
 
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Default Cost approach

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Originally Posted by Appraisal Time View Post
Since the cost approach is not normally required, are you completing it for your manufactured homes or are you typically leaving it blank? If so, what cost service are you using? And are you finding that clients are requiring it to even be completed?

Thanks Everybody.

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

No offense intended.
  #14  
Old 04-30-2012, 04:43 PM
Ryan Jones Ryan Jones is offline
 
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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.
  #15  
Old 05-04-2012, 07:13 AM
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Terrel L. Shields Terrel L. Shields is offline
 
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The cost approach is meaningless on a manufactured home
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.
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Last edited by Terrel L. Shields : 05-04-2012 at 08:56 PM.
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