Appraiser To Comment If Manufactured Home Has Been Moved

[FMV]

"The appraiser to affirmatively state, if subject was ever removed from its initial installation site, and , if subject is located on its current location for at least one year.
Where the H--L do we find that information?? from the Deed?!
These AMC/Lenders are wearing me out!!

 

[Jo Ann Meyer Stratton]

Manufactured homes that have been moved from the original site to a different location have not been eligible for FHA for many years. Several years ago Fannie Mae went the same route and Freddie Mac soon followed. So it is very difficult to arrange financing for a moved manufactured home. Check with your local assessment and/or planning department and/or building department. Which local or city or state agency tracks the installation of manufactured homes in your area? When did that home go on the tax roll for that specific current site? Does your state require a tax clearance for a manufactured home to moved from one site to another? Here in Arizona a lot of manufactured, mobile and on frame modular homes have a professional installer's insignia attached with the installation date marked on it. So if you have a 1997 manufactured home, information it was installed on a site in 2007 or the current parcel didn't exist until 2007--the question becomes where was it installed in 1997? Would be very, very unusual for a manufactured home to be sitting on a sales lot for ten years. To qualify for FHA, Fannie Mae and Freddie Mac a manufactured home can be moved only once from the factory or original dealer's sales lot to a permanent site. If moved again, it no longer qualifies. Another example would be a 2007 model that was installed on the current site in 2007, would be 100% positive the home was been moved from factory/dealer directly to the current lot. So the appraiser has to dig for information when some thing doesn't look right.

 

[FMV]

Hey Jo Ann,
I understand what you are saying, this is a Conventional loan.. The AMC sent over a copy of the subject sold information & it looks like it was brought to the lot site from the manufacturer.. I don't ever remember in all my years of appraising that I had to deal with such a ridicules request!!! We are there to provide an economic evaluation of the property, not deal with the history of how many times the trailer moved?! I think as long as the tongue & wheels are gone.

 

[FMV]

I'm thinking just commenting on the "EXTRAORDINARY ASSUMPTION" it hasn't been moved per the sold information.. I don't see where it's our job to be required we have to comment on such a request??! As long as the tongue & wheels have been removed.. Just another reason I am finishing my degree & will slowly doing this business on the side due to all the govt regulation & horrible AMC's to work with!

 

[KenAZ]

I'm thinking just commenting on the "EXTRAORDINARY ASSUMPTION" it hasn't been moved per the sold information.. I don't see where it's our job to be required we have to comment on such a request??! As long as the tongue & wheels have been removed.. Just another reason I am finishing my degree & will slowly doing this business on the side due to all the govt regulation & horrible AMC's to work with!

It's a trailer, it wants to move! I think it should be a feature if it can be moved. Let's say that there is a forecast of hurricane winds, flooding, tornadoes or a meteor strike in the area. Wouldn't you rather live in a trailer that can be hooked up to the back of your truck and towed to a safe location?

Leave those permanent foundation succors fend for themselves. They may leave their homes for safety, but I am going to take my home with me!

 

[Jo Ann Meyer Stratton]

Fannie Mae and Freddie Mac are conventional loans and starting several years ago, their requirements are the same in this matter as FHA has had for years. So it is a matter that all appraisers have to check out when completing an assignment regarding a manufactured home. That is one of the requirements when accepting the assignments.

 

[CANative]

The unit must not have been previously installed or occupied at any other site or location, except from the manufacturer or the dealer’s lot as a new unit.

https://www.fanniemae.com/content/guide/selling/b2/3/02.html

It's the same for Freddie Mac.

The lender condition is reasonable (but should have been made clear in the engagement letter.)

 

[EddieB]

So you determine the manufactured home has been moved. You report what you know and move on. It is no longer an appraisal issue, but an lender issue

 

[Mr Rex]

It's kinda a silly rule IMHO. Some of the dealer's lot models may be several years old and have suffered the same metal frame fatigue as if set up on an individual site, then hauled down the road at 55+.

 

[Howard Klahr]

So you determine the manufactured home has been moved. You report what you know and move on. It is no longer an appraisal issue, but an lender issue

So in the event a manufactured home has been moved subsequent to the initial setup, and no longer qualifies for most financing options, would not be an appraisal issue? I think that properties with limited financing options has some impact on value.