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Appraising mobile homes (no land- personal property only)

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Doug in NC

Thread Starter
Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I have been asked to do appraisals of resale mobile homes for a dealer- no land involved. I understand this is personal property appraising. Isn't there an appraisal form for this?

How difficult can this be? Appraise the MH using Marshall & Swift, then apply depreciation and locational adjustment, right? Could be a new source of business. God knows appraisers need any diversification they can get in this changing industry. Any advice or experience on doing these? :?:
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
I would strongly suggest that you not use Marshall & Swift! Contact Lincoln Graduate and take their Manufactured Housing Valuation class. This will qualify you for doing MHs as personal property for HUD/FHA also and I know of no other class that does this. I have tried to do these and got nowhere. The one thing I would actually place a big bet on is that if this MH dealer wants you to do these, (s)he is planning a scam somewhere with you holding all the liability.

Please, be very, very careful!!!
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Try using the NADA Manufactured Housing guide.
800-966-6232

Its like the blue book for cars. Get the make and model info and follow the worksheet in the book for upgrades, location and such. Works ok.
Forget dealer sales off the lot. The cheap and easy way is to get active listings. You will find out that many sales prices are above the active listings. In theory if you are going to sell a unit you will have to compete against these listings.

Check and see if the dealer has this book. They may already know the value. CYA
 
Joined
Jan 16, 2002
Doug:

Hate to take air out of your ballon, but diddo other posts, CYA. We are called REAL ESTATE appraisers for a reason :). They depreciate like cars don't they ? Dealer should already know the numbers. Of course there's always USpoop and the competency provision...hmmm.
 

Oregon Doug

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Oregon
Doug - Check with your state board on appraising these. Out here, you need to be licensed by the DMV to appraise manufactured homes only. We can only do these if they are perminantly affixed to the land.

Oregon Doug
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Although I will only do appraisals of real property, factory built units and land. I finally have to jump in here. If you are going to appraise factory built homes--lfirst earn the right terms! If constructed to HUD code that went into effect June 15, 1976, it is a manufactured home. If constructed prior to June 15, 1976 and may or may not have been constructed to an industry wide code it is a mobile home. The term indicates which building code was followed while the home was under original construction in the factory--and it remains that term no matter what has been done. I need to get a copy of a poster that a local manufactured home dealer has. One person is throttling another person saying "For the last time-it is not a trailer". So heres my poster as a throttle an appraiser "For the last time--the home built to HUD code is not a mobile home!". :x
 

bradellis

Member
Joined
Jan 16, 2002
Pam,

Does that class actually get you NADA certified? That is what HUD is looking for.

Brad Ellis, IFA,RAA
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Brad,

Yes, that gets the NADA certification/designation "MHV". The NADA software is very good for working up the value of just the home or with added exterior values added. I learned a lot and now the MH dealers and lenders don't want me since I know what I'm doing. Catch-22. The more competent you become, the less the unethical clients want you. Good way to get rid of them but, doesn't make you any money.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
FHA/HUD only requires the NADA course/training if the manufactured home is being appraised as personal property. It is not required for an appraisal of real property that consists of a manufactured home and land. Appraisal of real property with a manufactured home follows standard appraisal procedures, methods and techniques similar to appraisals of real property with a home built on the site. There are some specific additional requirements for factory built housing and land properties.
 
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