I love a Challenge Dee Dee

[Jeff Horton]

I just got a call from an individual about doing an appraisal. After asking a few questions it is for a Mortgage Company I was going to try to get my foot in the door with. Should I use my "Good" comps to impress them or should I just save them for latter?

 

[MAC]

You can't use the best comps all the time. :lol I mean the under writers just mark them up and get them dirty. :lol But you can't save them too long 'cause they get old and start to smell. What a dilema. When they get old you can just devalue them by 30% and get rid of them on an appraisal for a mortgage company that you don't like. :twisted: Ya thats it: :lol:

 

[Nancy in Friday Harbor]

Jeff,

I'm going to be a wet blanket here AND save my best comps for later.

If that manufactured home has been altered in any way, it may require an inspection by the regulating authorities before it can be sold! Well, OK, somebody could sell it, but it would be really hard to get financing. If a hole has been cut in the side or something attached to the MH, it can effect the structural integrity of the unit. Better check with your state's regulating body.

Thanks for the good ideas on comps....especially in this market where there aren't many sales, some of my comps get pretty threadbare before the end of the year!!

Nancy

 

[Jeff Horton]

Thanks Nancy. But you forget I am in Alabama where a mans trailer is his castle! :wink: I don't think we have any rules regarding this. Probably should but if we do no one is aware of it. Remember the A-frame mobile home photo I posted on the old forum?

Here a double wide is liable to be two totally different units pulled side beside and joined together as one. No one cares. If they can make payments someone will loan on it.

 

[Caterina Platt]

I remember that post Jeff. About once a week, I see a good candidate for submission. I'll have to learn how to get high tech and post these photos. Sometimes I'll see some of those 'hybrid' doublewides. Owners are usually so proud, they did it all themselves. Kinda wanna refer them to a title loan place (Crazy Al's Gas-n-Loan).

Pam, it does my heart good to know the civilized area of the world sees those goofy, out of whack percentages and adjustments. Sometimes I think we 'out in the sticks' appraisers must be the only ones, at least that's what the underwriter would have you think when they ask for additional comps.

 

[Les Brant]

Two (2) older single-wides placed in close (12') proximity of each other; one 8' longer. Roofed over and decked inbetween. Screened off at each end. Made a really nice breezeway porch. Both units had full single family facilities. One unit was used as living and the other was being used by husband as office and shop area. Prior use was for daughter and grandchild. Both sections updated and in GOOD condition. By changing screeened ends to finished walls and finishing the breezeway ceiling, additional living area (with H/AC) would be added. Now what is this thing classified as?

Les in Sunny (until tomorrow) Coastal (N)Carolina

P.S. Good alignment job, only ONE INCH (1') difference in breezeway width at the ends.

 

[Jeff Horton]

That could be called a "Dog Trot Double Wide"

Or maybe a Breezeway Model?

:lol:

 

[Em Tee]

Guidelines? What guidelines? :roll:

Just finished one for a refi where comp #1 is 8 months ago, 3 miles, $45,000 site adjustment and net of 12.4%, gross 29.4%. Comp #2 is .3 mile, 2 years ago, $100,000 site adjustment and net of 32.8%, gross of 45.7%. Comp #3 is 11 months ago, 15.3 miles proximity, $45,000 site adustment, total net of $23.2 and total gross of 35.2%.

If they want #4 it's over 22 miles and 13 months ago.

Th...th...th...that's all folks!

Pamela: You're my hero! I have something similar I have to do today and it's getting ugly in here. :x

Mary

 

[Pamela Crowley (Florida)]

Gee, mine went for a review to some desk jocky in some other state. I'm chuckling. Can't wait for the requests - which will be done at an additional charge. For something like this one it's at least $100 per additional comp. 2-1/2 pages of explanations already are already in there.

 

[Farm Gal]

Pam:

Ever get the urge to preface your pages and pages with a request that the reader read ALL your work of labor before assuming you are incompetent, attempting to pull the wool over their eyes, or are (here we go again) holding back that best comp for yourself :lol:

never fails...[/b]