I need help! Part 1

[ucbruin]

Thank you. Let me ask, are you an appraiser?

Was an appraiser....

 

[ucbruin]

To be upfront with you....
Most on this site will problem not give you a satisfying reply....
And will tell you that your real estate agent dropped the ball or your loan rep dropped the ball....
But most will say you should have done more due diligence before you bought the property....
That's just the history of this forum when it comes to questions like yours....

 

[Terrel L. Shields]

The appraiser might not be aware of the moving of the unit. FHA does not allow a used unit to have been moved. The last one I did was likewise not disclosed to me, but the size of the unit which was disclosed as being different from the tax card, and the fact it was 10 years old, I questioned the Realtor who admitted the unit had been moved there and that's why the first loan was rejected - tried to go FHA. They complained I undervalued it, but it remained on market for months before closing well under the asking price. It has since been offered for sale and has not been sold.

You can discuss this with FHA, but a lawyer is in your best interest.

 

[TerryRohrer]

Before I post more about Part 2, which is the second appraisal. I have a question for the appraisers in here.

Can and should an appraisal account for marketability issues, such as whether or not a property will have to go cash or is eligible for insurable loans? Is there a rule that says appraisers don't or can't adjust for such things? Say, for example, a comparable manufactured home is on its first set, eligible for FANNIE, FREDDIE, FHA loans, but the subject property had been moved and is on its second set, and has to go cash or possibly a private lender - and this is all known by the appraiser - is this something that appraisers can and should adjust for?

Comparing sales of manufactured homes that can be financed by lenders (permanent foundations, only move was from dealer) should be expected of any appraiser and if they have not done so, their analysis is incomplete. The standard is to be able to support an adjustment, or the lack thereof, with market data. But VA financing is a different animal and they don't share some of the standards of other loan programs.

 

[J Grant]

Hello. I need help. And the help could come purely through replies to my posts and questions, all the way up to a more pro active involvement in my case. As an American, a military veteran who served honorably, I have this feeling like I lost my rights somewhere along the way. There's a lot to this, and a lot of information, and I am not even certain where the best place to begin is, but I guess I will start by posting a formal complaint I wrote out that covers the first part. I have empirical evidence to buttress everything I write. I am reluctant to post the appraisal itself because of the private information contained on it. However, I can provide the appraisal for any appraiser to look at. The way I look at this, that the lender used a bad appraisal for an ineligible property makes the problem worse. But even if the appraisal had been flawless, the problem is the property was still ineligible. What's the purpose in my lender touting a good appraisal on an ineligible property? My argument has been that the lender underwrote an ineligible property ipso facto impugns the veracity of their own appraisal. And I've made clear that I blame the appraiser less than the lender.

This is only the first part to my problem. I have a second part, which I will post a bit later. And that involves a second appraisal I had done that I believe was not only done incorrectly, but I was misled into purchasing the appraisal. I will get to all that later. I am in a very small town and I don't know for certain, but it's possible the second appraiser knew the first one.

Please see the attached complaint I wrote out. It will take some time to upload any additional supporting documents and Part 2, because I am trying to make it a point to censor out names to avoid any problems. In place of the name of the lender, I just put LENDER.

Before I post more about Part 2, which is the second appraisal. I have a question for the appraisers in here.

Can and should an appraisal account for marketability issues, such as whether or not a property will have to go cash or is eligible for insurable loans? Is there a rule that says appraisers don't or can't adjust for such things? Say, for example, a comparable manufactured home is on its first set, eligible for FANNIE, FREDDIE, FHA loans, but the subject property had been moved and is on its second set, and has to go cash or possibly a private lender - and this is all known by the appraiser - is this something that appraisers can and should adjust for?

The letter is too long and uses too much legalese, assuming you are not a lawyer - if you indeed purchased a manufactured home that had been moved and that fact, if disclosed/known would have made the property ineligible for the loan - I suppose one could argue a misleading transaction getting approved and now you find the property is not eligible for financing - worst comes to worse perhaps plan on renting it out and make income from it the rest of your life - did you have a home inspection done? There might be grounds for a suit - idk. As you were a Vet, did you use a VA loan?

Was a RE agent involved? It sounds like perhaps negligence on the part of the RE agent ( if ther was one ) -in many states, a seller is supposed to disclose a known defect to a buyer

 

[Mark K]

Can you summarize your biggest points of contention. As far as your pdf, TLDR.

 

[Mark K]

The letter is too long and uses too much ATTEMPTED legalese, assuming you are not a lawyer

I stopped after the first paragraph and when I saw how many pages it ran.

 

[Dublin ohio]

From what other have already said about your PDF, I am not going to take the time to read it as it sounds like it might make my hair hurt. If you contention is that the Mfg home had been mover after initial installation. How did you find that out.

 

[RSW]

I completed an appraisal on a manufactured home which had been moved. A couple of real estate agents purchased a few foreclosre mfg homes and moved them to other permanent lots. They sold 1 with a VA loan and the one I appraised was also financed with a VA loan. I could not find any other mfg home sales which has been moved. The sales I did find were either conventional or FHA loans. I found that the price of the other mfg home which sold using a VA loan sold for substantially less than those using conventional or FHA financing. My final conclusion was that the price difference was due to limited financing options. That is market specific to my area and may not be the same in your market. I am not aware of any guideline which would require an appraiser mention it. I did because I was aware of it. Many times appraisers do not know if the mfg home has been moved or not. Do not take my comments as legal advice since I am not an attorney.

 

[CGinMN]

You have a very good case against the lender. I don't think you have a case against the appraiser.

The lender is required to "self-report" these issues to Fannie Mae. I doubt that's happened, so you should alert Fannie for them.