can mobile home pads be done as 2 to 4 family?

[Kevin Little]

We have an assignment consisting of a sale of one stick built house and 3 mobile home pads. The house and 2 of the pads are currently rented, and one of the renters is purchasing the subject property from the owner...can the pads be considered rental units and the appraisal then performed as a 2 to 4 family?...or must this appraisal be done by a general appraiser as a commercial property? I don't think it matters, but the zoning is residential and not commercial.

 

[Dirty Harry]

We have an assignment consisting of a sale of one stick built house and 3 mobile home pads. The house and 2 of the pads are currently rented, and one of the renters is purchasing the subject property from the owner...can the pads be considered rental units and the appraisal then performed as a 2 to 4 family?...or must this appraisal be done by a general appraiser as a commercial property? I don't think it matters, but the zoning is residential and not commercial.

My first question would be is this mini-mobile home park a permitted use?

:new_microwave:

 

[Kevin Little]

Whooops!!...sorry. I messed up...the zoning is AG, and the land use is Res/comm...the assessment office has been taxing it as a mobile home park, so they must be aware of it's use.

 

[Ray Miller]

HBU first and I would think Commercial Nartive Appraisal.

 

[Kevin Little]

Ok, thanks!...the lender originally wanted theis done as residential, which won't fly, but the pads on the property threw me...the mixed use involves a stick-built and 3 pads, all with seperate utilities.

 

[Don Clark]

"Mobile" homes are not real estate. Do you mean HUD Code Manufactured Homes?

FTR, HUD Code Manufactured Homes can be configured to be 2-4 family just like stick built or site built homes can.

 

[Mike Garrett RAA]

I think the issue should be...does it produce income from the rental of the pads? I am doing one with a manufactured home on a 40 acre parcel that has an old (1940s) ranch house, large barn, corrals and outbuildings, and a structure used as a home school. Really does not fit any lender's criteria for a single family loan. Really hard to convince the mortgage broker of that.

Time for that amazing Mikie-ism...."YOU CAN'T MAKE CHICKEN SOUP OUT OF CHICKEN POOP. IT IS ... WHAT IT IS!".

 

[Kevin Little]

First, Don: We're not appraising the mobile homes as they are personal property, it's the pads with the utility hookups that are making this sticky.

Mike: yes, the three pads are rented, as is the house. The pi$$ar here is that the entire property is being sold for very little money, $70,000...for the parties involved to pay for a commercial appraisal seems a bit extreme. I am curious as to whether or not I am allowed by USPAP to treat this as you would the sale of a single family rental and count the pad rentals as "other income" the same as you would garage bay rentals. I do not want to to overstep the limitations of my residental license.

 

[Mike Garrett RAA]

I think you can but to be on the safe side why not check with your appraiser board?

 

[Kevin Little]

Yes, phoning them now...thank you for your response, guess I should have thought of that myself *smacks forehead*