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Help needed on with a "TROUSE"

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Jeff Horton

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
I have a very nice mobile home that has been added on to. You wouldn't know it was a "trouse" unless you picked up on the windows till you went inside. The unit is extremly well maintained. Its dated but excellent condition. It has had kitchen and bath updated with new applinaces, cabinets, bath fixtures including the tubs.

No sales data of another trouse. I did find a sale of a doube wide very close by and it is my best data source. Size and condition are similar. Its just a MH instead of a Trouse. My gut feeling is that if all things are equal that the Trouse is going to bring a bit more because the frame construction part.

There is no market data to work with so I have to use my professional opion on this. Any of you have any market data for your area that disputs this or verifies it? I think I have made up my mind but I would like to hear what others are seeing.

Pamela, your in FL do you see any of these? I know MH's are popular there.
 

rtubbs

Junior Member
Joined
Jan 15, 2002
Jeff, I just finished one of these in Huntsville (refi). folks have owned it for several years and i don't believe they were aware that it was a MH when they bought it. they had a kitchen fire and had completely remodeled to include new: drywall, cabinets, appliances, carpet, exterior vinyl, etc. I noticed a scuttle in one of the closets and brought my ladder in for a look in the attic. even tho it had a vaulted ceiling, there was a good bit of attic space with good insulation. i looked in the crawl space (which was filled with water) and saw the steel under carriage and knew it was a MH.

the HUD labels were removed or sided over with the new exterior vinyl; the fire and new kitchen cabinets got rid of the data plate.

7 comps and the UW still balked on the loan.

with the revised guidelines outlined in fannie announcement 02-02, i will be very selective with MH appraisals in the future. i won't hesitate to turn down the assignment.

Good Luck-let us know how it works out.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Jeff,

It's been over 5 years since I had one of those. IF it's really well maintained and updated, I would give it superior condition and explain fully. I would stick to manufactured comps. I always do actual age adjustments and leave the condition adjustment for any/all the updating and remodeling.

If you have the make and model, year built, serial # and want me to work up the N.A.D.A. form for your cost approach, let me know.

What FUN! :roll:
 

Nancy in Friday Harbor

Junior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Washington
Jeff,
I'm sure I responded to your post.......but maybe it was a similar one....

A word of caution with any modified manufactured home.



You need to check with your state regulating authority. In Washington State you MUST have an inspection by the Dept. of Labor & Industries if you make ANY modifications to the structure of a MH, even changing/adding a wood stove/fireplace. The local building dept. has no authority over anything that is HUD code.

With all the new FNMA stuff, you wouldn't want to estimate a value on something that couldn't be sold because it didn't have the correct inspections & OK's.

A Wet Blanket in Friday Harbor
 

Nancy in Friday Harbor

Junior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Washington
Oops, Jeff.

Just found the other post and your response..... :oops:

But before I get off my soapbox, might I suggest you give a quick call to the Alabama Manufactured Housing Commission in Montgomery (334)242-4036? Can't hurt and may save you (and your E&O) a real hassle.

Beating a dead horse in Friday Harbor :roll:
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Ok - Jeff am totally unfamiliar with what you talking about, so I need to know :? - What is a "Trouse" :?:

Yikess!!! sounds like somthin your gonna have ta spray; or shoot in order ta kill it 8O
 

Jeff Horton

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
OK, a "Trouse" is a Bobby Bucks term for a trailer that has been converted into a house. Roofed over and an addition made to it. This one really looks like house till you look close.

Nancy, no problem. Hey I appreciate someone looking out for me. One of the reasons I like this forum. Great people here!

We are sort of like the Wild West when it come to zoning here. Only the cities have zoning codes. If it is outside the city limitis out in the county you can do whatever you please. I have mixed feelings about county building codes but that is another post.

Ron, this not a refi or anything. I am just doing this one for the owner. She is wanting to know how to price it in order to sell it. her real value is in the lot and not the home. I have my numbers together and going to look them over tommorow again before I print it out.
 
P

pkbarnhart

Guest
Not too long ago I had the "pleasure" of inspecting a 1500+/- sf home in the "old part" of town. I commented to the owner that I really liked the main living room with its high rounded ceiling. He proceeded to point out that the original home had been made out of a turn of the century railroad car with additions and modifications made over the years. It was great fun explaining this to the underwriter. I would have never known if the owner hadn't informed me. He said that it actually came as quite a surprise to him when he tried to drill a hole in one of the walls and had to drill through 1/4 inch or so of steel! Apparently the seller had never informed this buyer and he only found out by quizzing one of the old timers in the area. Needless to say I could find any "similar" properties as comparables.
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
Jeff,

I come across these frequently in my market. Folks around here tend to build onto singles and doubles without a second thought. The market views these as manufactured homes. There is data to support they recognize superior condition, extra living area, updating and the 'permanance' that can be added to these when the exterior is finished similar to yours. They tend to sell at the upper end of the value range when finished as you describe.

In fact, my parents did the very same thing to their '77 Lancer doublewide. It was a very good quality place to begin with, they built on about 500SF, reroofed, replaced all windows, fully refurbished the interior. When it sold, it was at the top of the value range for MH's. Made a great comp! (and no, I didn't get involved in this one due to conflict of interest) No problems with financing as long as you can locate the data plate and/or HUD tags. And of course, the rest of the manufactured list of goodies needs to be fulfilled, built to HUD guidelines, permanent foundation, taxed as real estate, ......

If you absolutely have to use a site built comp, try to make it an average quality dwelling. I have used these as a 4th or 5th and made a downward design adjustment to the sale since it is site built. Try to find other manufactureds with living area addtions if possible, they don't need to be to the quality or extent as your subject (although it is nice), but something to show the marketability even if it is an old sale. Be sure your lender knows about this right now so that he can clear it with the investor or find another, if necessary.

I agree that covering yourself regarding proper permits and codes were followed, if you note that a major support or 'sheer' wall has been altered, a structural inspection would be a good idea.

Good luck!
 

Daniel Williams

Senior Member
Joined
Jan 14, 2002
Professional Status
Appraiser Trainee
State
Illinois
Maybe the Data Plate and HUD Tags Need a lable like the one on a mattress......."DO NOT REMOVE UNDER PENALTY OF LAW!".......then all the mattress police could have a new collateral duty.
 
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