1973 Mobile-- Modular or Manufactured Which form to use

[Overimprovement]

To add to OP's misery, I would suggest comps would have to be mobile homes as well, if for no other reason than to show market acceptance of something that old, and the lack of traditional financing available.

 

[glenn walker]

To add to OP's misery, I would suggest comps would have to be mobile homes as well, if for no other reason than to show market acceptance of something that old, and the lack of traditional financing available.

Mobile Home Loans are specialties I have a friend that does them and one as old the the OP is virtually worthless as they are full of asbestos wrapped pipes and other bad things, and to demo one and find a landfill that will take it can be expensive. Yes Comps would all have to be old Mobile Homes.

 

[Dublin ohio]

Scenario. Pre 1976 mobile home on a permanent foundation, classified as real estate by local authority and title has been surrendered. What is it?

 

[glenn walker]

Scenario. Pre 1976 mobile home on a permanent foundation, classified as real estate by local authority and title has been surrendered. What is it?

You are correct in some areas it's classifed as real property and can be appraised as such the Borrower just needs to find a lender who will make the loan. There are ones out there , Credit Unions, small independent banks etc.

 

[sputnam]

The form is a Fannie form and not allowable for something they won't lend on, its imbedded into the form. The issue is the impact of non-conventional financing on the MV.

Theoretically. However, in real life, Fannie/Freddie forms get used for non-lender appraisals everyday. No one cares.

 

[Carnivore]

The 1004C is for manufactured homes.
The OP describes a mobile home, not a manufactured home.

Yep! and as you know years ago a mobile home had to have the Axles and Tongue removed and DE titled so it would become improved Real Estate and tax that way.

 

[redfish]

If it is a GSE loan, the form is the 1004C. If it's a non conforming loan, then your Client may have some preference.

Wrong

 

[Sadie]

Theoretically. However, in real life, Fannie/Freddie forms get used for non-lender appraisals everyday. No one cares.

If you read the imbedded verbiage in the form, it is not for a mobile home, its for a manufactured home. Its just as easy to do a gpar. To use the 1004C could be seen as misleading.

 

[glenn walker]

If you read the imbedded verbiage in the form, it is not for a mobile home, its for a manufactured home. Its just as easy to do a gpar. To use the 1004C could be seen as misleading.

The problem is not the form its the Fannie certification. You are certifying things that were not done and that do not apply to a Pre-1976 Unit. A True Non-Fannie Mobile Home Form or a GP has its own Certification, which your not Certifying things that do not apply to the Subject. You can add any HC or EA to it which you cannot do on a Fannie Certification.

 

[sputnam]

If you read the imbedded verbiage in the form, it is not for a mobile home, its for a manufactured home. Its just as easy to do a gpar. To use the 1004C could be seen as misleading.

The fact is that some properties do not really fit any of the available forms. When that happens, you have choices. You can decline or withdraw from the assignment and let some skippy do it. You can quote the fee for doing a narrative and get turned down by the Client. Or... you can adapt the form that is available to meet regulatory requirements. Other than SR 2 (or SR 8 if you decide that it's personal property), USPAP is silent about what your appraisal report looks like. I agree, that a GP form is a better choice however, the 1004C can be used in a manner that is not misleading. It's more work. You have to write a lot more explanatory comments but... it is doable.

I don't know about your software, but in the software I use, you can replace pages 4-6 with an different Limiting Conditions/Certification.