FHA SF purchase with Mobile home on site

[Zoe]

FHA rep #12345 said this is what is allowed. Tell the bank and move on.

 

[Zoe]

Sure, just not in the mood to be on hold for 3-4 hours at HUD trying to speak to a human being is all.

It's life. That is why you get paid the big bucks.

 

[Zoe]

This assignment was meant for you. You can bail. No problem. I think you can handle this assignment. I know you don't want to. But you can do it.

 

[Zoe]

Even if FHA was not involved and it was conventional, you would still have standards to follow similar to FHA for the benefit of the lender and the homeowner.

But FHA is your client here. With me?

 

[Tom D]

Have it parked on the street before you go out. Every odd sale is a potential existential threat to you appearing before HUD inspectors and/or the state. How do you know if you did it right, reguardless of what any authority says. And mr appraiser, how did you prove your adjustments without any such sales. And how did you determine it should be there with the sale, whatever. As you start stuttering, you will remember this thread. But, it it always a business decision, the risk and amount of fee involved.

 

[Zoe]

Have it parked on the street before you go out. Every odd sale is a potential existential threat to you appearing before HUD inspectors and/or the state. How do you know if you did it right, reguardless of what any authority says. And mr appraiser, how did you prove your adjustments without any such sales. And how did you determine it should be there with the sale, whatever. As you start stuttering, you will remember this thread. But, it it always a business decision, the risk and amount of fee involved.

Mobile or modular homes are typically valued by a lender from a dealer or a book like a car book.

You have other assets with this detached home like utilities, septic system, etc.

You may not be able to call it a home. It might be able to be called something else and don't tear it down. HUD is fine with mobile or modular homes. An office. A studio, A storage unit as someone mentioned.

 

[Zoe]

Modular homes are different because mobile home are typically pre-built and delivered to the site. Modular homes are many times site built.

Mobile homes are typically valued by a lender similar to an automobile. Since this one has no tags, that might be difficult. Maybe the owner has some kind of record in their personal records that can help identify the manufacturer and year built.

How is the home insurance company valuing the mobile home?

Can I see (get) a copy of your homeowner's insurance policy?

Take a picture of the homeowner's insurance policy.

Public records might help also like tax assessor records.

You could even call the homeowner's insurance agent.

 

[Zoe]

Once again HUD has minimum property standards. Being a mobile home is fine as long as it meets the standards. The structure has to be insured and insurance verified by the lender annually or semi annully........etc

 

[Terrel L. Shields]

Call the DEU. See what they will accept or recommend.

 

[Shawangunk RE]

Call the DEU. See what they will accept or recommend.

Lenders underwriter said to call it "storage" and give it no value.