Modular Home Appraisal

[Tony V]

I'm an appraiser who also builds modular houses. They are built to state building codes and should be comped to stick built. I am preparing to erect one on Long Island, when completed it should appraise for well over $1 million

Walter, what Town are you putting this in??

 

[Mr Rex]

All modular homes are not created equal

Yes, we refer to some as HUDular. On frame mods where the only difference from the model match HUD floor plan may be a higher roof pitch than is required for HUD code and an engineers stamp on the plans attesting it meets state codes. They resell like a good quality HUD code home.

 

[TRESinc]

I believe they do Tres, but not sure. Sounds like the OP is certain abt the fee.

i haven't been on the VA panel for years but i just spoke with a friend who is and according to him they do not use AMCs. borrower applies at a lender, info is sent to VA, their portal assigns the order in it's rotation, report is completed, sent back to VA portal, lender can download a copy from there. using that flow the AMC-related work is already being done by the VA panel.

 

[BRCJR]

I'm an appraiser who also builds modular houses. They are built to state building codes and should be comped to stick built. I am preparing to erect one on Long Island, when completed it should appraise for well over $1 million

Not necessarily true (should be comped to stick built) in all cases. It is about the quality.

 

[Weslide]

Update,, the aprraisal came into the bank this morning, when I called to get the news, I was told by my banker she couldn't send me a copy yet because the appraiser used the wrong form, he wrote it up on a manufactured home form!!! They were contacting him to see his reasoning and they would get back to me.. since I first posted my Realator and I did research on the subject, went to planning and zoning it is considered real property and modular not manufactured, found sticker under sink with Texas irc stamp, we sent all this info along with 4 comparable stick built properties with acreage that have sold in the last 6 months. All of this and he still seems set on appraising as a manufactured. The numbers came in 10000 under asking price, 20000 under taxed assessed value, it's assessed at 60$ sq ft, all comparables were 90$and above. So best I can assume is he really low balled on the sq ft appraisal to be 20000 under assessed value, but I don't know because I haven't seen numbers yet, all this being said I told banker if he wasn't going to do his job correctly I wasn't going to pay, she said I couldn't do that, Now just so y'all understand I'm not nieve to construction I've been in it all my life, have remodeled multiple houses, and flipped a couple, I was not familiar with modular so I did research, everything I found said they were solid and comparable to site built, the place on the outside does look like a manufactured but the inside is nice, not your typical double wide, real sinks nice floors, good floor plan, anyone interested MLS# 50007385, I guess my question is if the appraiser doesn't want to appraise as stick built and come up with a realistic aprraisal, do I have any other avenues or am I screwed? Thanks

 

[DWiley]

Add in the AMC fee and $900 may be what a borrower pays

AMC fee for a VA assignment?

 

[EddieB]

AMC fee for a VA assignment?

I will defer to those who are familiar with VA ordering process.

And trying to explain the $200 difference, you guys like to get your hands in everyone's pie

 

[DWiley]

I will defer to those who are familiar with VA ordering process.

And trying to explain the $200 difference, you guys like to get your hands in everyone's pie

VA does not allow use of an AMC to place the order, or to QC the order. So, in this case it would be very improbable that the amount of the fee had anything to do with an AMC.

 

[Terrel L. Shields]

he wrote it up on a manufactured home

Obviously the fellow is over his head. Ask the bank to get another appraiser and the bank should tell the appraiser they won't pay and if he insists then they should turn the gut into the state board.

 

[TN Pro]

Update,, the aprraisal came into the bank this morning, when I called to get the news, I was told by my banker she couldn't send me a copy yet because the appraiser used the wrong form, he wrote it up on a manufactured home form!!! They were contacting him to see his reasoning and they would get back to me.. since I first posted my Realator and I did research on the subject, went to planning and zoning it is considered real property and modular not manufactured, found sticker under sink with Texas irc stamp, we sent all this info along with 4 comparable stick built properties with acreage that have sold in the last 6 months. All of this and he still seems set on appraising as a manufactured. The numbers came in 10000 under asking price, 20000 under taxed assessed value, it's assessed at 60$ sq ft, all comparables were 90$and above. So best I can assume is he really low balled on the sq ft appraisal to be 20000 under assessed value, but I don't know because I haven't seen numbers yet, all this being said I told banker if he wasn't going to do his job correctly I wasn't going to pay, she said I couldn't do that, Now just so y'all understand I'm not nieve to construction I've been in it all my life, have remodeled multiple houses, and flipped a couple, I was not familiar with modular so I did research, everything I found said they were solid and comparable to site built, the place on the outside does look like a manufactured but the inside is nice, not your typical double wide, real sinks nice floors, good floor plan, anyone interested MLS# 50007385, I guess my question is if the appraiser doesn't want to appraise as stick built and come up with a realistic aprraisal, do I have any other avenues or am I screwed? Thanks

Well, the appraiser did put it on the wrong form if he used the 1004C manufactured home form. A modular home in my opinion does not automatically neccesarily compare to site built. It may, it depends on the build quality. Ideally, the best comps would be other similar quality modular homes, some similar quality stick built homes, and maybe some similar quality manufactured homes. If i found the correct MLS, it would look to the average market participant like a big old Doublewide. You need to know how your market perceives Modular homes. I did a modular last week, i would have had no idea it was factory built unless the agent told me. But thats the exception, Ive never been in a modular in 16 years that i couldnt tell was factory built.