Is The Property Seller The Owner Of Public Record

[jonesranch]

Who is the owner of public record on a proposed modular home appraisal where the borrower owns the lot but the dealer owns the proposed modular home (an assemblage)? Do you put the owner of the lot (borrower) or does the modular home dealers name go here?

 

[gregb]

Owner of the lot is the borrower and would be the name stated as the owner on the appraisal.

 

[Terrel L. Shields]

Real Estate, first and foremost, is the land. MH's are marginally "fixed" to that land. So I agree with Greg

 

[CANative]

MH's are marginally "fixed" to that land.

What the heck does that mean?

 

[sittingduc]

I am currently having a similar issue. The order came in as a FHA "purchase" for a new MH but the borrower owns the land. The site is not included in the contract as it has been in the previous cases with new manufactured "to be built" assignments I have completed in the past. I asked the AMC to check with the lender to confirm, as this would appear to result in a misleading report as ordered. A refinance with "plans and specs" seems like the logical way this needs to be ordered, not marking it as a purchase with the owner being the borrower. The AMC is dragging its feet, and I'm not convinced for a second that they have a clue as to the issue at hand. Anyone else run into this? I could use an experienced opinion.

 

[Deleted member 128537]

This is the same as a construction loan. It has to be done "subject to." Therefore the owner of the land and the borrower are the same.

 

[VolcanoLvr]

Terrel said: MH's are marginally "fixed" to that land.
CAN asked: What the heck does that mean?

It means the MFH is "attached" to the land, but in reality can be moved off the site, even though its title may have been surrendered.

This often happens when the old beater MFH built in 1979 has excessive obsolescence that the owner wants it replaced. So off it goes to MFH heaven. A new MFH takes its place, or a site-built home is erected on the hunk of dirt.

 

[Jo Ann Meyer Stratton]

The appraisal assignment is the same as the proposed construction of a new site built house. Only difference is the 1004C is used instead of the 1004.

 

[CANative]

Terrel said: MH's are marginally "fixed" to that land.
CAN asked: What the heck does that mean?

It means the MFH is "attached" to the land, but in reality can be moved off the site, even though its title may have been surrendered.

This often happens when the old beater MFH built in 1979 has excessive obsolescence that the owner wants it replaced. So off it goes to MFH heaven. A new MFH takes its place, or a site-built home is erected on the hunk of dirt.

Being "affixed to the land" is a legal matter, not a physical matter.