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House/20 Acres/mobile

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Matt McCormick

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Freshman Member
Joined
Nov 9, 2004
Professional Status
Certified Residential Appraiser
State
Oklahoma
I am working on an appraisal with the above improvements. I am making it subject to a survey to determine where this mobile sits on the property. Is it possible to do the appraisal and consider the mobile rolling chattel or personal property although it is clearly permanantly affixed to the land? The lender essentially wants the house/20 acres appraised and no value given to the mobile. Please advise.
 

Midwest Guy

Senior Member
Joined
Dec 12, 2006
Professional Status
Certified Residential Appraiser
State
Missouri
You would need to better define the "Mobile" to get an appropriate answer.

affixation, year manufactured, connection to main house utilities, etc...
 

Rich Heyn

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Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Michigan
Is there anything preventing you from using a Hypothetical Condition that assumes the MH is not there?
 

Matt McCormick

Thread Starter
Freshman Member
Joined
Nov 9, 2004
Professional Status
Certified Residential Appraiser
State
Oklahoma
newer mobile (last 3 years, cinder block/poured footing foundation) assumptions are made as to strapped,etc and assumption made that it meets all other fannie mae mobile standards.

This is what I am thinking on the conditions of the appraisal:

SUBJECT TO SURVEY INDICATING THAT ADDITIONAL BUILDINGS DO NOT FALL WITHIN THE 19.75 ACRES THAT THE SUBJECT LAYS ON AS WELL AS THE HYPOTHETICAL CONDITION THAT THE MOBILE HOME DOES NOT EXIST IF IT DOES FALL WITHIN THE 19.75 ACRES
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Why complicate the HC? Hypothetical Condition is the manufactured home is not included in the value of the property.

Simple and to the point!!!

Probably state elsewhere that the lender has requested in their scope of work requirement that the manufactured home not be included.

Remember, if it's a relatively new home on wheels it's almost surely a manufactured home not a mobile home....
 

David Wimpelberg

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Staff member
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Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
The intended user is a lender. Chances are that they are lending on the property with the mobile home, and not the hypothetical property without the mobile home. When "lenders" (often really MBs) want the property misrepresented, pay attention to the red flags.
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
I feel you have a problem. I think. You don't want to appraise the mobile so I must assume that it is a pre-76 mobil home. It could be personal property, how does the county look at the subject?

"The lender essentially wants the house/20 acres appraised and no value given to the mobile. Please advise is there another home on the property."

With the above statement I assume that you have a stick built or a MFG post-76, or a modular or something that meets some building code on the 20 acres in addition to the mobile.

I would look to the scope of work as how I would do this appraisal. You need to also consider the cost to cure if you are going to remove the mobil.

"newer mobile (last 3 years, cinder block/poured footing foundation) assumptions are made as to strapped,etc and assumption made that it meets all other fannie mae mobile standards."

This is not a mobil if it is three year old. It is built to some code. What is the code? You are using assumptions that it meets standards fannie mae mobiles. The only problem is fannie mae does not have any standards for mobiles.

Why are you making assumptions, have you not been under the unit to see what is there?
 
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farmguy

Member
Joined
Jun 27, 2007
Professional Status
Banking/Mortgage Industry
State
Texas
Would you even need a EA? We do this a good bit. We don't use EA. We just say there is a moble home on the property that is not included in the value estimate. In Texas if they are not legally surrendered to the real estate they are considered personal no matter how they are affixed. But we could also not include a stick built house or a barn or whatever. EA I would assume it has no contribution for some reason, HC would state appraised on hypothetical condition it is not here. I am not assuming it is worthless and I am not saying it doesn't exist, I will say the client does not want me to appraise it. We do have to get flood insurance if it would have value. Normally on very well secured loans we say something to the effect --- the improvements are significant and would contribute to value, the client has asked that we not include the house (or whatever), while any contribution of the house has not been included in the value estimate a flood plain determination was completed and the house is not in flood plain. --If it is in flood plain not including it is not an option.
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Okay, if you have specific and understandable direction from your lender. Say you appraise the acreage and not even mention the mobile/manuf home? Two years later the borrower walks for whatever reason, what do you have?

You may have acreage with personal property on it? You may have a 20 acre parcel with a loan go you AND a loan to another party for a manuf home secured to a permanent foundation? Depends on the level of research you require to secure the loan...

Say they leave with you holding the bag on removal and clean up of the MH. To make it more interesting say they find a meth lab in the MH with a dump site for meth junk on the property, now how complicated will it get???

Always make sure you disclose what is all there even if you don't value it or don't consider it in the appraisal..
 

Matt McCormick

Thread Starter
Freshman Member
Joined
Nov 9, 2004
Professional Status
Certified Residential Appraiser
State
Oklahoma
I have more or less done what Stefan has recommended and amended my SOW, made it subject to hypothetical and disclosed that it was there, took a few photos of it, mentioned that in the aerial photo with plot plan overlay that it appeared that the man. home was on the acreage and did not give it any value. Considered personal property. There is no mention of it on county records and it would be impossible to inspect underneath as cinder block/concrete foundation/stem wall made it impossible. We shall see, but I explained the hell out of it.
 
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