Check out my article posted in the October issue of the Appraisal E Gram on the NAIFA web site. Is your subject constructed to HUD building code is the first question, second question is the home installed on and has concrete, masonry or pre-treated wood foundation and enclosure. Are there anchors and are they attached to the concrete foundation. FHA requires all that and a condition on the VC sheet would be to require an inspection of the existing foundation (or proposed after it has been completed) by a licensed engineer.
Now to your question about comparables. Just like any other appraisal assignment, regardless of client---what would a prospective buyer consider as an alternative to your subject? Would a buyer of a built on site home even consider your subject? If not, then no do not use site built homes for comparables for the manufactured home. You might have to go back in time or a longer distance than normal to find other homes constructed to HUD code to use as comparables. Do not use created sales or land/home packages as your first three comparables. You might have to use dated or older manufactured homes as your first three comparables and then have active, expired, withdrawn, canceled, pending manufactured homes as #4 and higher. Or a stick built home as #4 or higher if it is next door to your subject and has comparable appeal to your subject. If your subject is new construction, maybe one created sale as Comp #4 and higher to illustrate what people are willing to spend for new construction.
FHA is just like any other lender---what is their collateral risk, will they be able to sell the property for the amount of the debt? Created sales and typically stick built homes do not answer that question.
FHA is also just like any other appraisal problem, what is the best indication of what would the home sell for if offered on the open market with a willing buyer, seller, etc.
Remember standard appraisal techniques, methods and procedures! And of course explain, explain, explain and then explain some more!
