Appraising a Park Model manufactured home

[ThorleyB]

I accepted an assignment to appraise a park model purchase, has anyone had any experience on this? I have plenty of recent comparable sales, but am a little at sea in terms of completing the 1004C, as far as such data as S/N, etc, none of which is available... no data plate, no tags, the home is 13 years old, all the docs that you might expect would have relevant data on them are long gone.

???

thanks in advance,

Thor Taggart
Chandler, AZ

 

[CANative]

I don't think park models are built to the HUD code. The 1004C is not an appropriate appraisal report form.

 

[OSU Beavers]

Who is hiring you? A private party or a bank. You do not want to use the 1004C for a private client. If the owner does not have any info on the home for you, try the County Assessors then the State DMV.

 

[ThorleyB]

my client is the lender. The property is in Pinal county, notorious for having little or no data recorded, and being hopelessly behind in recording what data they collect.
They have no data, I'll try the DMV.

If not the 1004C, what form? as I expose my ignorance...

 

[Mr Rex]

Park models are typically considered personal property, like a camper, by the major lenders.

 

[ThorleyB]

a review of the deed docs of the comp sales shows a split between recorded 'personal property', (park model), and real property.
Any feedback on alternate form, from 1004C?

thanks

 

[CANative]

You need to discuss these issues with your client. If they will accept this property for a loan, then I don't think they would care which form you used. If this is for a mortgage broker or a conventional lender I doubt if the property is acceptable.

 

[Jo Ann Meyer Stratton]

The 1004C would not be applicable because a Park Model is not a manufactured home constructed to the HUD building code. There never would have been any tags, data plates, etc. The only way you can tell it is a Park Model is the size (14' x 40' or smaller) and year of construction shown in the assessor's records. The 2005 version of the 1004 would not be applicable either. You do need to discuss this order with your client. The property will not be eligible for Fannie Mae, Freddie Mac or FHA. It can be appraised as real property as long as an Affidavit of Affixture has been or will be recorded prior to the close of escrow. Affidavits of Affixtures can be recorded for mobile homes, manufactured homes and Park Models, which enables them to be taxed as real property. But financing will be very difficult to obtain. The 1993 version of the 1004 could be used with many, many explanations all through the report. Use sales, pendings, actives of other Park Models on similar site area for comparables. Do not use manufactured homes as comparables due to the difficulty in financing for Park Models.

 

[ccooper]

Thorley, I see that you are somewhat a newbie (on this forum). For your info, Ms. Stratton is THE expert on this topic (manufactured housing). Go forth with confidence in what she says.

 

[ThorleyB]

thanks for all the replies and advice!!