Additional Mobile Home On Property

[Cranedog]

Hello All,

I have been asked to appraise a stick built ranch style home that also has a mobile home on the property that is rented. I believe my client underwrites to Fannie and Freddie secondary underwriting guidelines. Does anyone have any experience with this. Would like to hear your thoughts.

 

[Howard Klahr]

What is the zoning? What does it allow?

 

[Cranedog]

Well At this point I am making an assumption that the town is aware of it and the use is legal non-conforming as the zoning officer has yet to call me back. I have been told by the owner that they have to send a form to the township each year explaining who is living in the mobile home. In my market mobile homes are typically a detraction or eye sore to most and only a very small sub-market would consider it a beneficial amenity as it only generates 500.00 per month. Would you view it as an accessory structure and write it on a single family with a line item amenity for the mobile home and compare it to properties with carriage houses, larger barns, or any other accessory type structures. I will not likely find a similar two family in this configuration.

 

[Laughing Heir]

You may be able to get an adjustment you can stand behind if you can develop a solid GRM. $500 is $500- that's pretty good supplemental income from a trailer.

 

[Meandering]

If it's grandfathered and protecting a footprint, it may be worth more than the GRM indicates.

You actually need the property record cards and see if it is permanently mounted to the foundation or setting on concrete blocks.

.

 

[Laughing Heir]

Agreed with @Marion Rhodes, that nonconformity might be worth its weight in gold. Of course, that's in the real world and this property doesn't seem to fit into the vanilla box of mortgage lending. Assignments like are always a little fun because you get to exercise your HABU muscles.

 

[Terrel L. Shields]

I believe my client underwrites to Fannie and Freddie secondary underwriting guidelines

Ask the lender what protocol. I would not assume Fannie mae if an easier standard is applicable such as interagency guidelines. See if they want to exclude the MH, include as ADU, or treat as personal property.