Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > FHA/HUD and VA
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 11-25-2008, 05:52 PM
Jon Cox Jon Cox is offline
 
Join Date: Nov 2008
State: California
Professional Status: Certified General Appraiser
Posts: 2
Default Manufactured Home FHA Form Deliema

An out of town lender has requested that I do an FHA appraisal on a manufactured home located on leased land in a park. I have done manufactured homes on owned land before on the 1004C form, however, I have always used the MPR2 form for manufactured homes in parks on leased land. First off does anyone know if FHA does loans on mobie nomes in parks on leased land and secondly if FHA does what form do they want us to use?

Unfortunately I asked the lender to check with his underwriter and he said he really doesn't care and wants me just to send him a report. Any help you can provide would be greatly appreciated.

Thanks, Jon Cox, Santa Maria CA
Sponsored Links

  #2  
Old 11-25-2008, 10:48 PM
mp2277 mp2277 is offline
 
Join Date: Mar 2008
State: Virginia
Professional Status: Certified Residential Appraiser
Posts: 318
Default

I woulod suggest e-mailing your HOC, but I don't think FHA will accept that
  #3  
Old 11-26-2008, 01:43 AM
CANative's Avatar
CANative CANative is online now
 
Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 46,024
Default

Isn't that a Title I program with teeny-tiny loan limits? And isn't the NAS forms using NADA the required method?
__________________
“The peasants are revolting? Why yes, they are quite revolting.” ~ Oscar Wilde
  #4  
Old 11-26-2008, 08:00 AM
hglenbetts's Avatar
hglenbetts hglenbetts is offline
 
Join Date: Dec 2007
Location: Milford, Mi (SE Mich)
State: Michigan
Professional Status: Certified Residential Appraiser
Posts: 1,739
Default

Manufactured home on leased lot = personal property, not real estate.
__________________
“There’s only one country that guarantees, in writing, your right to pursue happiness”… Tony Soprano
  #5  
Old 11-26-2008, 11:03 AM
Don Clark's Avatar
Don Clark Don Clark is offline
 
Join Date: Jan 2002
Location: Virginia Beach, Virginia
State: Virginia
Professional Status: Certified Residential Appraiser
Posts: 8,864
Default

I would do it on the 1004C. The NADA form is for new FHA HUD Code MH's. If this is not new, I would use the 1004C and make note that it is personal property. (See Chapter 8, 4150.2) if it is for FHA.
__________________
AQB Certified USPAP Instructor,Member VaCAP,NCPAC, Expert Witness, Consultant/Peer Assistance
  #6  
Old 11-26-2008, 11:27 AM
Jon Cox Jon Cox is offline
 
Join Date: Nov 2008
State: California
Professional Status: Certified General Appraiser
Posts: 2
Default

Thanks for the input I will check Title I for additional info. However, Title II states that the subject must be classified and taxed as real estate and manufactured homes on leased land are taxed as personal property in CA....Thanks for the help, Jon Cox
  #7  
Old 11-26-2008, 11:28 AM
Mike Boyd Mike Boyd is offline
 
Join Date: Jan 2002
Location: Santa Rosa, CA
State: California
Professional Status: Retired Appraiser
Posts: 11,822
Default

Quote:
Originally Posted by Greg Boyd View Post
Isn't that a Title I program with teeny-tiny loan limits? And isn't the NAS forms using NADA the required method?
Greg is correct. Why wouldn't he be? LOL
  #8  
Old 11-26-2008, 12:08 PM
Jo Ann Meyer Stratton's Avatar
Jo Ann Meyer Stratton Jo Ann Meyer Stratton is offline
 
Join Date: Jan 2002
Location: Safford, Arizona
State: Arizona
Professional Status: Certified Residential Appraiser
Posts: 6,264
Default

If Title I and no land, the 1004C will not be applicable. Now if they have a 99 year lease or something similar that can be transferred by the borrower then you have a different story. But if the lot rent is month by month do not use the 1004C.
  #9  
Old 11-26-2008, 12:44 PM
CANative's Avatar
CANative CANative is online now
 
Join Date: Jun 2003
Location: Hopland, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 46,024
Default

Don... Chapter 8 pertains to Title II (MH on fee land)

I was talking about Title I (MH's not on fee land)

http://www.hud.gov/offices/adm/hudcl...501c10HSGH.pdf

http://www.nadaguides.com/priceguide...ystem-nas.aspx

Quote:
Manufactured Housing National Appraisal System (NAS)
A Field Instruction Manual containing in-depth step-by-step instructions, guidelines and industry notes necessary to complete a proper physical appraisal and keep you abreast of the latest from the industry
Detailed description and sample forms
Provides a specific appraisal identification number, master appraisal worksheets, certificate of value forms, appraisal and condition report forms, comparative analysis forms and more
The only publication that is approved for HUD FHA Title 1 appraisals. It is also a recognized source for DVA (Department of Veteran's Affairs).
*Manufactured Housing Appraisal Guide subscription required
__________________
“The peasants are revolting? Why yes, they are quite revolting.” ~ Oscar Wilde
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 08:34 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93