Bank owned 1984 Manufactured

[Green Hornet]

The bank is selling the 5 acres and double wide as-is. Buyer is going conventional. It is a bit of a nasty property and I would appreciate any input...

Exterior was covered with vinyl siding - no apparent HUD certificates or data plate.

Has concrete board skirting with vents- dirt is pushed against skirting at the front of the improvement. At the time of the inspection water had pooled against the skirting, possibly getting into the crawl space. I crawled part way into crawl space and was not able to see any water. It did spell very musty.

Soft spots in floor around laundry area, no washer or dryer, and mold on the wall by the water inputs for the washer. Also soft floors around toilets.

Moisture noted on floor under sink

Newer gas fireplace - no apparent L& I approval.

No tie down straps noted

Buyers agent indicated that a home inspectio had been completed. Per the agent it was a long time friend who did the inspection. When I asked for the inspectors name and #, the agent almost passed out. I got the name and #.

Do you typically review the Inspection report. I have a bad feeling about this. The agent was going on about how "most appraisers don't do half of what you are doing." It just seems like something is fishy. I am betting that the home inspection has ignored a few items.

Per the agent, the buyer knows what they are getting into.

My thoughts are to condition for structural/foundation inspection and mold, note the lack of data plate and certificates and move on.

Your thoughts?

Thanks

 

[CANative]

I think you are going to have to do more than that, especially if you are going to provide some sort of opinion of value. You'll have to be careful in the use of EA's and HC's.

 

[ghrousseau]

"Exterior was covered with vinyl siding - no apparent HUD certificates or data plate"

That could be a deal killer. I would have the client pay upfront to get you the letter from IBTS for the duplicate data plates. You never know, but that property could have been moved from somewhere else which would also be a deal killer. I would definitely make it subject to a foundation inspection. Also, I can't imaging where they going for a conventional loan on the property. There are very few conventional investors doing MFG homes, and their guidelines are basically the same as FHA. Is the local assessors office taxing it as real property? If so there may be an affidavit of afixiation recorded in the chain of title listing the serial number, manufacturers name, and the HUD numbers. I'd be real careful with that assignment.

 

[Green Hornet]

Greg, Ghrousseau

Thank you both for your insight.

The assessors office taxes it as real property, but does not have a record of the title elimination.


I will proceed with caution.

 

[Gajope]

If it is not too late, I would refuse the assignment and save yourself the aggravation with that one. That thing is kind of old for what it is and has probably been moved before and been through who knows what! If you are going to do it, make the report "subject to" everything you can think of. I would use FHA guidelines anyways. The lender most likely will kill it regardless. No HUD tags on it? might be underneath the siding if it had been resided. Did you find the Data Plate inside? See if the assessor knows anything about that place and its history. Needs to be tied down.

Also, the land might be worth more than the dwelling, which is another black hole you could wind up disappearing down because you want to make sure you have valued the land correctly if you can't find similar properties and have to make large site adjustments. Plus foreclosed properties usually sell for less than market value and you have to watch that your comps haven't been flipped and report correct histories on them as well, etc.

Either refuse it or really quote an appropriate fee!