"Ignore Permanent Foundation Status"

[Sadie]

Wow, the diversity in MH foundation requirements across the country speak somewhat to survivability in event of water or landslide issues I would think. Dry stacked blocks? I wonder how survivable a MH would be in a weather event. Even here in CA, I recently appraised a property with a 433. The house was on a slope and was coming apart at the 'marriage line' in the ceiling as I observed water marks at the peak. A few weeks after seeing that property & noting the issue, there was an earthquake in that immediate area of Julian. I'm sure that didn't help the structural soundness of that building. Whatever entity owns the loan needs to know the physical status of the building.

I was told the weight of the MH is sufficient to hold it in place similar to tie downs. This from Fannie. But I have only seen one or two without tiedowns.

 

[Sandra Koutsopoulos]

After the Great Recession when borrowers defaulted left & right, I was doing a lot of forensic field reviews for lenders. Went to do the physical inspection of a MH in the High Desert and found...
NOTHING! It was G-O-N-E, except the low-value land remained. Interesting that it is very tough to obtain financing an a MH which is not in the place where it was originally installed. All the post-1976 ones have a recorded HUD number.

 

[ZZGAMAZZ]

After the Great Recession when borrowers defaulted left & right, I was doing a lot of forensic field reviews for lenders. Went to do the physical inspection of a MH in the High Desert and found...
NOTHING! It was G-O-N-E, except the low-value land remained. Interesting that it is very tough to obtain financing an a MH which is not in the place where it was originally installed. All the post-1976 ones have a recorded HUD number.

Is an Engineers Cert similar to a building inspection of a manufactured home on a permanent foundation/
Are tie-downs required before the permananet foundation is secured, or part of the process?
Do some CA appraisers feel that the 433A being recorded is not needed to satisfy MPR?

 

[Sandra Koutsopoulos]

Ask somebody who actually does those permanent foundations those questions. They probably have a standard procedure for tie-downs etc. I know the cost has gone up significantly. I've seen some cases where the perm fdn was installed but apparently the 433 was not recorded. Took a bit to track down the company that did the install, but that was determined and then 433 was recorded. If unknown, probably an engineer could be hired who is familiar with those things, to assess whether its compliant. Does FHA require the 433 in CA? Probably, but I would put that question back in the lap of the lender for them to determine what they will need to comply with FHA requirements. As an appraiser, I would state what I could confirm as fact, and not speculate further.

 

[sputnam]

From what I read, the certificate is required to transfer the MH from personal to real property. I think that is the issue, not the state or the existence of a foundation.

Here, the MH has to be detiltled before it is considered real property. That is the end of the appraiser's role, is the property real or personal? And a lender needs to have it real property to sell the loan to F/F. You would think the lender would care a little more, but that is their problem.

Again, the appraiser's job is value of the property. Period.

 

[Sadie]

Again, the appraiser's job is value of the property. Period.

You have to decide if its personal or real property.

 

[sputnam]

You have to decide if its personal or real property.

What you have.. well, are supposed to do.. is make sure that both you and your Client have a clear understanding of the nature of the property BEFORE you agree to do the appraisal. If you accept the assignment and during the process of research you find that the property isn't what you thought it was... then, you talk to your Client and either modify the understanding of theproperty and the assignment or withdraw from the assignment.

 

[ZZGAMAZZ]

Ask somebody who actually does those permanent foundations those questions. They probably have a standard procedure for tie-downs etc. I know the cost has gone up significantly. I've seen some cases where the perm fdn was installed but apparently the 433 was not recorded. Took a bit to track down the company that did the install, but that was determined and then 433 was recorded. If unknown, probably an engineer could be hired who is familiar with those things, to assess whether its compliant. Does FHA require the 433 in CA? Probably, but I would put that question back in the lap of the lender for them to determine what they will need to comply with FHA requirements. As an appraiser, I would state what I could confirm as fact, and not speculate further.

Does ur prospective " to state what..." include a comment about "meeting HUD MPR's..."?

 

[Dublin ohio]

Does ur prospective " to state what..." include a comment about "meeting HUD MPR's..."?

You seem to like to make things more difficult than they are. The property is what it is. How is it taxed, what does the assessor call it. If it isn't classified as real estate. Just make the report subject to property being classified as real estate. It is then the lenders problem and they will be responsible for acquiring the proper documentation

 

[Artemis Fowl]

You seem to like to make things more difficult than they are. The property is what it is. How is it taxed, what does the assessor call it. If it isn't classified as real estate. Just make the report subject to property being classified as real estate. It is then the lenders problem and they will be responsible for acquiring the proper documentation

Assessors can be wrong.