1974 Mfg Home

[zydeco2go]

My old apprentice is appraising a 1974 Mfg home. No HUD tag of course and if it matters its for an in house loan. It is attached to a permanent foundation. How does she address this as I have never come across this before. Thanks for any ideas.

 

[Mr Rex]

If it was built prior to 1976 its a Mobile Home:

Loan Application

www.cascadeloans.com

 

[zydeco2go]

Thanks, let me amend my original post to call it a Mobile home.

 

[CANative]

Address what, exactly?

It's not a Manufactured Home if was built before June 16, 1976 (except under Fannie Mae's broad definition that any home built in a factory is a manufactured home.) This is a mobile home. If it is sited on fee land, is connected to utilities, and has the status as "permanently affixed" it is real property just like any other house.

You have to be careful to reiterate this throughout the report so there is no misunderstanding. Find comps that are similar. Address any valuation issues that might apply such as marketability and price paid due to more difficulties in obtaining a mortgage, remaining economic life, etc.

DON'T USE A FANNIE MAE 1004C FORM!. Use an old style 1004 or perhaps a mobile home appraisal report form augmented to comply with USPAP etc.

 

[Terrel L. Shields]

Yep, this isn't country for secondary market -

Fannie

• Safety Standards that were established in June 1976 (as amended and in force at the time the
  • home is manufactured) and that appear in HUD regulations at 24 C.F.R. Part 3280. Compliance
  • with these standards will be evidenced by the presence of a HUD Data Plate that is affixed in
  • a permanent manner near the main electrical panel or in another readily accessible and visible
  • location. The manufactured home must be a one-unit dwelling that is legally classified as real
  • property. The towing hitch, wheels, and axles must be removed and the dwelling must assume
  • the characteristics of site-built housing

FHA

1.  have the HUD Certification Label affixed or have obtained a letter of
2. label verification issued on behalf of HUD, evidencing the house was
3. constructed on or after June 15, 1976, in compliance with the Federal
4. Manufactured Home Construction and Safety Standards;
5.  be classified as real estate (but need not be treated as real estate for
6. purposes of state taxation);
7.  be built and remain on a permanent chassis;
8.  be designed to be used as a dwelling with a permanent foundation built
9. in accordance with the Permanent Foundations Guide for
10. Manufactured Housing (PFGMH); and
11.  have been directly transported from the manufacturer or the dealership

 

[CANative]

Search MLS for sales and listings of MH's by date of construction. If 1975 or older you've got a mobile home sale. If 1976 you might have a mobile or not. Interview selling/listing agent. If the MLS has tag or other insignia that are not 3 letters and 6 numbers it's probably an early HUD code. You need to find out.

It's a chore but that's the way to do it.

 

[zydeco2go]

Thanks, shes completing the assignment on old 1004, disclosing the nature of the property. Thanks all