Manufactured Home Converted to Real Property.

[Couch Potato]

Absolutely None within the last 2 years. I understand that I am comparing apples to oranges but there are no more apples... Stagnant Market..

So what you are really saying is there is no market for this type of property at this time in your area. I'm sure if you broaden your search your will find sales somewhere. From what I here, Texas is a big place. :new_all_coholic:

 

[RSW]

I'll bet it is insured as a double wide manufactured home!

 

[LordofTexas]

I agree with Jo Ann. So, how about very dated sales comparisons? Do you have very dated MH sales that occured some point in time in comparison to similar sized SFRs at the same time? It's a complex assignment but, using dated paired sales along with current SFR sales may help you determine a value adjustment presently.

I've always indicated to my trainees: If an adjustment "fits" in the grid and makes total sense to the bottom line and can not be disproved to any greater extent than it can be proved, how can you be faulted?

The bottom line is, a good appraiser can not manufacture a Comp.

 

[Restrain]

You will STILL have some UW come back and want 3 DW sales in 1 mile of the subject, in the last 6 months.

BTW, have you talked with the appraisal district. These things may be selling FSBO and not in MLS.

 

[Tim Hicks (Texas)]

I agree with Jo Ann. So, how about very dated sales comparisons? Do you have very dated MH sales that occured some point in time in comparison to similar sized SFRs at the same time? It's a complex assignment but, using dated paired sales along with current SFR sales may help you determine a value adjustment presently.

I've always indicated to my trainees: If an adjustment "fits" in the grid and makes total sense to the bottom line and can not be disproved to any greater extent than it can be proved, how can you be faulted?

The bottom line is, a good appraiser can not manufacture a Comp.

I don't believe I have ever seen a shortage of manufactured home sales in Hood county. Not in 17 years of appraising at least.

 

[Tim Hicks (Texas)]

So what you are really saying is there is no market for this type of property at this time in your area. I'm sure if you broaden your search your will find sales somewhere. From what I here, Texas is a big place. :new_all_coholic:

Methinks the appraiser might need to lower the bottom sales price to "0" on his market search and he may find several manufactured home sales in the area.

I don't know anything about the Baytown market, but it is hard to imagine any suburban county in TX with no manufactured home sales.

I believe there should be a special designation for manufactured home appraising judging from the hundreds of manufactured home appraisals I have reviewed. Too many don't have the training or the expertise to do these type of assignments. Too bad, they are not really that difficult if you take a price out of your head and just report the market.

 

[Ray Miller]

Methinks the appraiser might need to lower the bottom sales price to "0" on his market search and he may find several manufactured home sales in the area.

I don't know anything about the Baytown market, but it is hard to imagine any suburban county in TX with no manufactured home sales.

I believe there should be a special designation for manufactured home appraising judging from the hundreds of manufactured home appraisals I have reviewed. Too many don't have the training or the expertise to do these type of assignments. Too bad, they are not really that difficult if you take a price out of your head and just report the market.

Amen.........................:new_multi:

 

[Blueprint]

I believe there should be a special designation for manufactured home appraising judging from the hundreds of manufactured home appraisals I have reviewed.

That would be nice. They should at least be required to take a detailed class on how to appraise them properly. This class should be required before they ever appraise their first one so that they start off on the right foot and know what to look for.

The reality is most, in my experience, do not care about appraising manufactured homes properly, they just care about getting it done, and like you said, probably hitting a number.

 

[sammiboii]

medinaappraisal,

You're stating you have no sales within 2 years, but how far out are you going? If you're going out, say 5 miles or maybe even more and still can't find nothing, that is kind of hard to believe. But if you really can't find sales I would personally not compare apples with oranges, especially if I have no apples.

Speaking of all that fruit, I'm going to grab an orange.

PS - There is no shame in walking away from an assignment. If we don't feel confident in the assignment, then we actually have to.

Good luck
Sam

 

[LordofTexas]

The problem that I see is that there are significant restrictions on mfg homes along the Texas Coast, both from building restrictions and insurability.

I would take a long look at such restrictions, their affect on marketability, etc. That may be why there are no sales - can't get insurance or financing.

Also, have you called your lender and told them what you're looking at? This may well be a no-go for them. BTW, if you haven't found it, the Texas Dept of Housing has a website location that tells you when the home was converted, etc.[/quote]

my bold

I agree with everyone about backing out of it. If you get continual work from this person, be honest with them and disclose the "impossible". Tim Hicks is also right, there ALWAYS are Comps albeit poor. But, yours are most likely as good as theirs when it comes down to it if you do you job right.

The old saying is true, you can put lipstick on a pig; but it's still a pig.