Dealer Invoice

[Wayne Tomlinson]

I have been reading this string a couple times.
The date or almost all the posts is prior to the new Fannie 1004c form.
In the form it asks if I did or did not review the dealer invoice. In the manual previously available for down load, in this section it says that if you didn't you should explain thoroughly. No mention of making the appraisal contingent.

I have talked to the lender, who had no idea that there was any request or consideration of the dealer invoice.
This is not one that I really want to do anyhow, and it is FHA, new construction. We have already discussed that the borrowers idea of lot value is more than 3X the actual value.

Please let me know about the certification of examining the dealer invoice. It is in the certification on the Addendum 1004c. but I may have missed it in the new form

Help please

Wayne Tomlinson

 

[CANative]

If it's proposed or new construction, I obtain a copy of the manufacturer's invoice to the dealer and review it. I then report the results of my review.

If it's not new or proposed, I check the box "No" and state that the manufacturers invoice was not made available.

I guess we're supposed to make sure that the invoice is not padded with personal property or other BS.

 

[Alison Swain]

This info and this forum are so incredibly valuable! I can't believe I went through my whole trainee period no knowing this existed.

Anyway, I've got a couple of the boys here helping me with a 2004 unit with no plates and no certificates on the interior. Like a lot of folks here, I don't do MH's very often. Maybe I should have turned this one down, but I want to learn!

 

[Wally Jones]

It's possible you may be looking at an "on-frame" or "on-chassis" modular home. They have all the appearances of a HUD code manufactured home but are built to SBC/BOCA (site-built) standards. (Therefore, they don't have a HUD data plate on the interior or HUD certification labels on the exterior.) Do a search of the manufactured home forum for modular homes for some discussion about them. And read Jo Ann's articles on factory built homes!

If you determine it's an "on-frame" modular, inform your client right away because most lenders won't underwrite them.