Relocated Mh

[Vermonter]

Got to my subject this morning and found an oddball. 1990 model year DW installed in a town 20 miles away. Moved to current location, remodeled and addition done 3 months ago. No tags or data plate. No VIN or serial numbers on the bill of sale. No record of a certified installer either time.

Honestly, it's a solid install and addition. Better than most certified installs I've seen on new ones. New septic and well. Slab with frost wall, axles gone and has a dry crawl underneath. Remodeled with MH quality materials, but very nicely done. No bumps or heaves in the floors or joints.

Now I notified the client of all this, however I do believe this is an in house loan, so they will still go forward and I'll use a GP form, however my issue is comparable sales. Obviously, the house is still an MH, and I have adequate comps (even one with an addition), but I'm wondering about the move impacting value? I don't have any that have been moved that I know of.

Anybody run into this?

 

[Bobby Bucks]

Any chance it was stolen and moved? I've had a couple that I suspected were, both were REOs. I once had a DW that had an assortment of hookup up stickers from 4 states. It may as well have had ABSCONDED 1 & 2 for front and rear HUD tags. While there I wondered about the adventures that trailer must have witnessed, Rottweiler vs. Doberman bouts, Sumatra cockfights, Aaron Tippen karaokes in the back yard, oil changes in the living room, I get nostalgic when I see that kind of dwelling, after all they're my people.

 

[Vermonter]

Any chance it was stolen and moved?

No. I know the guy who sold/moved it and apparently he's done it many times. He's buys distressed MHs on acreage for the land (tapping maples). Moves them out to smaller parcels around the county, cleans them up and flips them. Offers owner financing at like 10%.....which is why this guy is refinancing.

Actually, trying to use one of his others as a comp, but having difficulty verifying data on it.

 

[Howard Klahr]

Do you have any comps that sold all cash without financing?

 

[Vermonter]

Do you have any comps that sold all cash without financing?

I do and they seem to be inline with those that were financed.....which could answer my question.

 

[Jo Ann Meyer Stratton]

It will not qualify for FHA, USDA, Fannie or Freddie, so very difficult to get financing. If possible sales with cash or private financing are going to be your best comparables. They might have been moved too, and were not eligible for typical financing.

 

[Terrel L. Shields]

They might have been moved too, and were not eligible for typical financing.

In my part of the world most MH loans are treated like car loans, in house short term, oft adjustable rates.

 

[Jo Ann Meyer Stratton]

Nationwide since 1976 manufactured homes that have been installed per local requirements for skirting, foundation, etc on the owner's land and capable of being taxed as real property have been eligible for Fannie, Freddie, FHA, USDA and VA loans. FHA, USDA and VA have specific installation and foundation requirements in addition to whatever local authorities might require. Fannie and Freddie accept the local requirements. For years FHA and USDA would not accept homes that had been moved, only homes that came from the factory or brand new from a dealer and installed on a site were eligible. In recent years Fannie and Freddie have adopted the same policy. The mortgages have the same terms, conditions and length as a lien on a built on site home. Each lender has some individual quirks, like Fannie and Freddie won't accept single section homes unless they are in a specific type of subdivision with special CC&Rs. Multiple sectional homes could be installed any where that is legal with the local authorities. FHA, USDA and VA will accept single sectional homes.

 

[Sandra Koutsopoulos]

Lately, I've done more mfg houses than I'd like, b/c they are always a problem, always have some quirky thing.

Got a revision request on one for me to certify that the mfg house had not been moved. Hmmm... asked them how they heck would I know that, since there were no HUD tags, no serial number page, house had been bought as a foreclosure a few years previously. Answer I got was to look a the "marriage seam" (I assume where the 2 modules were joined, to see if it looked original or not. Personally, I won't certify anything that isn't proven to be fact. Eventually lender produced the original 433 showing house had been delivered new to that lot, so all was OK, but lender did require that certification.

The next mfg appraisal also had no HUD tags visible, had been encapsulated in metal siding, no serial number page either, with same owner there for 20 yrs. House was in a subd'n of similar mfg houses. Odd thing was NDCdata noted the structure was not assessed... only the land. I had taken photos underneath, and it appeared to be without wheels and there were metal jack things... but....? So I conditioned for proof that the mobile home was actually converted to real estate, since it was not on assessment. AMC & lender assured me property had been transferred by grant deed and it didn't need to have a permanent foundation & I should just ignore that for their mortgage. I reminded them that the dirt can be transferred by Grant Deed, but Personal Property is transferred by Bill of Sale, and it wasn't real estate unless permanently attached to the ground. Told 'em it would be like parking their Ford 150 on the lot and trying to appraise the package of land and truck for a real estate mortgage... Told them mobile home didn't have to be on permanent foundation, but the real estate appraisal would only include the 'vacant land' which would likely require a different type of loan than they were trying to do. I predict a 433 will be forthcoming momentarily.
Like I said, it's always SOMETHING!

 

[CANative]

No. I know the guy who sold/moved it and apparently he's done it many times. He's buys distressed MHs on acreage for the land (tapping maples). Moves them out to smaller parcels around the county, cleans them up and flips them. Offers owner financing at like 10%.....which is why this guy is refinancing.

Actually, trying to use one of his others as a comp, but having difficulty verifying data on it.

We have a guy out here who does exactly the same thing (he even subdivided a 20 acre tract, named it after his wife Sharon, puts MH's he buys out on vineyards and such on them. Does the financing too.)

Whenever I get a request for an MH appraisal and I know it's "one of his" I call the client and tell them the house has been re-sited.