I Knew It Was Bound To Happen!

[james w truluck iii]

sounds like a modular home to me, i had one the other day. it looked like a mobile but had peirs, attic, and was built by a modular home co. it was put on a foundation w/ a crane. you can compare this with stick built homes if they look similar. your best bet is a modular comp if available. but most modular home would be land-home packages, which you cannot use as a comp. you could use a land-home comp but tell the lender that is is a land-home package, and that is is used to support the cost approach. ( i called the appraiser board on this) but do not weigh it heavily. you also have to put on the form that is is a modular home. hope this helps,,, trip

 

[Jo Ann Meyer Stratton]

A Park Model is not a modular home! It is a category all by itself, neither modular or manufactured or mobile or camper or trailer or any other term a sales person or home owner or loan officer might call kit. Financing for a Park Model is very, very, very limited and can not be financed by a loan that will be sold or insured by Fannie Mae, Freddie Mac or FHA. So an appraiser has to be very, very, clear and detailed in the report when the subject improvement is a Park Model. Calling it by any other term will cause huge problems down the line when it is discovered the improvement was really a Park Model.