Appraiser To Comment If Manufactured Home Has Been Moved

[CANative]

I haunt the broker chat sites and almost all of them complain about getting conventional financing on MH's. They always steer each other to private lenders that offer MH financing as a specialty.

 

[EddieB]

Most of these loan packages never make it to a GSE, either kept in house or bundle with other loans. With the volatility in the manuf market, I would be surprised if any make it.

 

[RSW]

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.

I agree. But, getting data to prove it may be difficult.

 

[TxArmadillo]

"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!!

This may not be the "know it all" website but it may help.

Texas Department of Housing & Community Affairs -- Manufactured Housing Division

http://www.tdhca.state.tx.us/mh/

Click on the "Search our Database" link on the left side and enter what information you have. It will provide you some good information that, when compared to the tax records, should give you a good indication if the certificate the state issued still matches the initial installation address of the subject property.

Hope this helps.

 

[Deleted member 128537]

Only way to check in WI is by building permit and then compare it to the date manufactured. If there is a big difference that might be a read flag. But otherwise there is no information regarding such.

My question: I know of houses that have been moved. Why aren't they exempt? I know I know. It's easier to move a manufactured home because it has a more sturdy frame underneath. BUT wouldnt that be indicative of a more sturdy floor support which would mean better construction? I know I know. I'm just being a PITA.

 

[Mr Rex]

Actually the frames under manufactured homes are cambered (curved) up ward prior to loading and hopefully relatively flat when the weight of the structure is applied, although sometimes there is a noticeable sag at each end when all the weight is on the axles. The frames also flex while riding down the road. The steel frames used to move site built houses and those used to transport off frame modular sections are typically dead level straight and are engineered to not have any flex.

 

[Alpine]

The first thing I do when receiving orders to appraise manufactured home properties is to search the permit history and see if it reasonably coincides with the date of manufacture. As several posters here have confirmed, unless the unit was installed new on the site and not later moved, it is not going FHA or conventional (assuming people are doing their jobs and/or paying attention, which was not the case in the bad old days). I've had a few borrowers tell me during the phone conversation setting the inspection appointment that their unit was moved from a previous set-up; others have informed me when I was doing the inspection. Determining whether it is a new install or a moved unit, and thus whether it can be insured/financed, has always seemed step one to me.

Many municipalities have websites wherein you can search the permit history for properties. If they don't, a call to the planning/building department is the alternative. My experience is if the town is too small to have online records, it's small enough for a staff person to take my call or return it within a day or two with the info. My local online records typically record the site prep inspection, followed by the install date, mechanical, skirting, etc. inspection, then a final. On a recent appraisal, my date of manufacture was 8/6/04, and the dates for permits ran from mid-August through late-September 2004, so it's pretty obvious it was installed new (in this case, confirmed by the borrower who bought it new). Sometimes, a unit sits on a dealer's lot for a year or two, so a bit more research is warranted, especially if the borrower in not the original owner.

Incidently, the MLS description for an active listing next door to the property I reference above stated that the unit had been moved twice, so would have challenges to financing, and sure enough, it has been active for longer than the DOM of most of the comparable sales despite its bargain price. Unless you have a predominantly cash market (ie. retiree buyers), it can definitely impact value.

 

[VolcanoLvr]

If doing this research is a lending requirement forced on the appraiser, it should be the FIRST thing done by the appraiser before any additional work on the report is commenced.

If it can be determined that the MFH has been moved more times than the specified requirement dictates, the assignment should be cancelled, and the appraiser paid for the research time.

But what do you bet that a number of appraisers will respond with 'I was hired to do an appraisal, and I'll do it, despite knowing that my appraisal can't be used for the intended purpose. And by the way, pay me anyway.'

 

[Terrel L. Shields]

the assignment should be cancelled, and the appraiser paid for the research time.

Sure they will....