Modular vs. Manufactured

[billo]

I was contacted by a homeowner who recently purchased a home that was represented as site-built. It turns out it is a modular home built on two steel beams, more similar to a manufactured home. My question is this: Given that it is a modular home built on steel beams rather than a more traditional joist construction, would it be more appropriate to use comps that are site-built on slab or P&B foundations, or manufactured homes with a similar steel beam support (there are no other modular homes in the market area)? Any insights would be appreciated. FYI, the homeowner is suing the seller of the home, who is a Realtor.

 

[billo]

I was contacted by a homeowner who recently purchased a home that was represented as site-built. It turns out it is a modular home built on two steel beams, more similar to a manufactured home. My question is this: Given that it is a modular home built on steel beams rather than a more traditional joist construction, would it be more appropriate to use comps that are site-built on slab or P&B foundations, or manufactured homes with a similar steel beam support (there are no other modular homes in the market area)? Any insights would be appreciated. FYI, the homeowner is suing the seller of the home, who is a Realtor.

 

[billo]

I was contacted by a homeowner who recently purchased a home that was represented as site-built. It turns out it is a modular home built on two steel beams, more similar to a manufactured home. My question is this: Given that it is a modular home built on steel beams rather than a more traditional joist construction, would it be more appropriate to use comps that are site-built on slab or P&B foundations, or manufactured homes with a similar steel beam support (there are no other modular homes in the market area)? Any insights would be appreciated. FYI, the homeowner is suing the seller of the home, who is a Realtor.

Here are some pics of the crawl space and the stickers which I have been told indicate that it is modular...

 

[Dublin ohio]

Does it have the HUD tags on the outside? How about the HUD data sheet that would usually be near the electric panel. If not, it could be an on frame modular. The steel gussets coming off of the beam looks more like mfg construction. You say there are no other modular home in the market, but how do you know. Half of the time around here the agents don't know the difference

 

[billo]

Thanks for the response. It does not have any of the standard MFG home indicators like the data plate or certificate. And good point about the Realtors, though often even if they do know, they won't advertise it that way. NM is a non-disclosure state, so my only source for info is the MLS, so I have to depend on them (unfortunately). My gut says that MFG homes will be the best comps, but I think I will include both in my comps.

 

[J Grant]

These are results for fannie guidelines appraising modular home
Search instead for fnnie gudlenes appraising modular home







Fannie Mae treats modular homes like standard site-built (stick-built) houses rather than manufactured homes. Appraisers must report modular home values on the standard Uniform Residential Appraisal Report (Form 1004), verify they comply with the International Residential Code (IRC) or local building codes, and select comparable sales based on general marketability.
annie Mae +2


General Appraisal Rules

• • Appraisal Form: Use standard Form 1004 (do not use the specialized manufactured home Form 1004C).
  • Building Codes: The home must follow the IRC or local building codes enforced by the state or municipality where it is set up.
  • No Construction Minimums: Fannie Mae does not set strict rules for minimum size, width, or roof pitch for modular properties.
    annie Mae +2
    

Comparable Sales & Quality

• • Comparable Selection: Select comparables the same way you would for a site-built home. Using other factory-built or modular homes is ideal but not strictly mandatory.
    annie Mae

 

[J Grant]

FWIW, fannie guidelines above.

No offense, but if you are asking these questions on a BB, why are you taking on this assignment? Especially because the owner is suing the seller. If the owner does not like your appraisal, or believes you were not competent for it, they will turn around and sue you too. The seller of the home is a realtor. If the appraisal goes to court and the seller feels it damaged them or whatever, they would sue as well.

 

[TerryRohrer]

On-frame modulars are not just any old modular. Many lenders will not finance them. If I were in a position where I could not find comparable sales, I would not appraise one.

 

[TerryRohrer]

FWIW, fannie guidelines above.

No offense, but if you are asking these questions on a BB, why are you taking on this assignment? Especially because the owner is suing the seller. If the owner does not like your appraisal, or believes you were not competent for it, they will turn around and sue you too. The seller of the home is a realtor. If the appraisal goes to court and the seller feels it damaged them or whatever, they would sue as well.

No offense, but if you are posting on a BB, shouldn't you have some idea what you are talking about before advising others, or slamming others for asking questions because they want to better understand their situation? What a blowhard idiot.

 

[J Grant]

No offense, but if you are posting on a BB, shouldn't you have some idea what you are talking about before advising others, or slamming others for asking questions because they want to better understand their situation? What a blowhard idiot.

You have issues, and that is being polite. Being nasty to me and a few others here for no reason other than some kind of mental issue .. What proves you know what you are talking about wrt advising others ? My track record of reviews and high-end work proves it on my end.