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Kit Home Blues
- Thread starter mutigerfan
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mutigerfan
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According to the Dictionary of Real Estate Appraisal by the Appraisal Institute, a pre-cut home (along with mobile, manufactured and panelized) are considered manufactured homes.
Now you see my issue.
I have proof its a stick-built home on one hand and I have documentation its classified as a manufactured home.
What say you?
Now you see my issue.
I have proof its a stick-built home on one hand and I have documentation its classified as a manufactured home.
What say you?
Last edited:
CANative
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I don't know why you're wringing your hands over this.
B4-1.3-03, Special Appraisal Considerations for Modular, Prefabricated, Panelized, or Sectional Housing (04/01/2009)
Introduction
This topic contains information on special appraisal considerations for modular, prefabricated, panelized, or sectional housing, including:
Acceptable Modular Homes
Appraisal Requirements for Modular Homes
Acceptable Prefabricated, Panelized, or Sectional Housing
Appraisal Requirements for Prefabricated, Panelized, or Sectional Housing
Acceptable Modular Homes
Fannie Mae purchases loans secured by modular homes built in accordance with the Uniform Building Code administered by state agencies responsible for adopting and administering building code requirements for the state in which the modular home is installed.
Fannie Mae does not have minimum requirements for width, size, roof pitch, or any other specific construction detail for modular homes. Each such home must have sufficient square footage and room dimensions to be acceptable to typical purchasers in the subject market area.
Appraisal Requirements for Modular Homes
The appraiser must be familiar with the features that affect the quality of the home and must include this information in the appraisal if necessary to support his or her opinion of value.
The appraisal must address both the marketability and comparability of modular homes.
The appraiser must include the most appropriate comparable sales to support the opinion of value for the subject property.
The process of selecting comparable sales for factory-built housing is generally the same as that for selecting comparable sales for site-built housing. When the subject property is modular, prefabricated, panelized, or sectional housing, Fannie Mae does not require that one or more of the comparable sales be the same type of factory-built housing, although using comparable sales of similar types of homes generally enhances the reliability of the appraiser’s opinion of value.
Acceptable Prefabricated, Panelized, or Sectional Housing
Fannie Mae purchases loans secured by prefabricated, panelized, or sectional housing. These properties do not have to satisfy HUD’s Federal Manufactured Home Construction and Safety Standards or the Uniform Building Codes that are adopted and administered by the state in which the home is installed.
Fannie Mae does not have minimum requirements for width, size, roof pitch, or any other specific construction detail for prefabricated, panelized, or sectional housing. Each such home must have sufficient square footage and room dimensions to be acceptable to typical purchasers in the subject market area.
Appraisal Requirements for Prefabricated, Panelized, or Sectional Housing
The appraiser must be familiar with the features that affect the quality of the home and must include this information in the appraisal if necessary to support his or her opinion of value.
The appraisal must address both the marketability and comparability of prefabricated, panelized, or sectional homes.
The appraiser must include the most appropriate comparable sales to support the opinion of value for the subject property.
The process of selecting comparable sales for factory-built housing is generally the same as that for selecting comparable sales for site-built housing. When the subject property is modular, prefabricated, panelized, or sectional housing, Fannie Mae does not require that one or more of the comparable sales be the same type of factory-built housing, although using comparable sales of similar types of homes generally enhances the reliability of the appraiser’s opinion of value.
B4-1.3-03, Special Appraisal Considerations for Modular, Prefabricated, Panelized, or Sectional Housing (04/01/2009)
Introduction
This topic contains information on special appraisal considerations for modular, prefabricated, panelized, or sectional housing, including:
Acceptable Modular Homes
Appraisal Requirements for Modular Homes
Acceptable Prefabricated, Panelized, or Sectional Housing
Appraisal Requirements for Prefabricated, Panelized, or Sectional Housing
Acceptable Modular Homes
Fannie Mae purchases loans secured by modular homes built in accordance with the Uniform Building Code administered by state agencies responsible for adopting and administering building code requirements for the state in which the modular home is installed.
Fannie Mae does not have minimum requirements for width, size, roof pitch, or any other specific construction detail for modular homes. Each such home must have sufficient square footage and room dimensions to be acceptable to typical purchasers in the subject market area.
Appraisal Requirements for Modular Homes
The appraiser must be familiar with the features that affect the quality of the home and must include this information in the appraisal if necessary to support his or her opinion of value.
The appraisal must address both the marketability and comparability of modular homes.
The appraiser must include the most appropriate comparable sales to support the opinion of value for the subject property.
The process of selecting comparable sales for factory-built housing is generally the same as that for selecting comparable sales for site-built housing. When the subject property is modular, prefabricated, panelized, or sectional housing, Fannie Mae does not require that one or more of the comparable sales be the same type of factory-built housing, although using comparable sales of similar types of homes generally enhances the reliability of the appraiser’s opinion of value.
Acceptable Prefabricated, Panelized, or Sectional Housing
Fannie Mae purchases loans secured by prefabricated, panelized, or sectional housing. These properties do not have to satisfy HUD’s Federal Manufactured Home Construction and Safety Standards or the Uniform Building Codes that are adopted and administered by the state in which the home is installed.
Fannie Mae does not have minimum requirements for width, size, roof pitch, or any other specific construction detail for prefabricated, panelized, or sectional housing. Each such home must have sufficient square footage and room dimensions to be acceptable to typical purchasers in the subject market area.
Appraisal Requirements for Prefabricated, Panelized, or Sectional Housing
The appraiser must be familiar with the features that affect the quality of the home and must include this information in the appraisal if necessary to support his or her opinion of value.
The appraisal must address both the marketability and comparability of prefabricated, panelized, or sectional homes.
The appraiser must include the most appropriate comparable sales to support the opinion of value for the subject property.
The process of selecting comparable sales for factory-built housing is generally the same as that for selecting comparable sales for site-built housing. When the subject property is modular, prefabricated, panelized, or sectional housing, Fannie Mae does not require that one or more of the comparable sales be the same type of factory-built housing, although using comparable sales of similar types of homes generally enhances the reliability of the appraiser’s opinion of value.
mutigerfan
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Thank you for the Special Considerations CANative.
The reason I am so concerned is that this will be used in court possibly and if I am asked if its stick built or a manufactured home, I want to be as prepared as possible.
The answer can not be both...right?
The reason I am so concerned is that this will be used in court possibly and if I am asked if its stick built or a manufactured home, I want to be as prepared as possible.
The answer can not be both...right?
mutigerfan
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btw- The subject is not a Modular, Prefabricated, Panelized, or Sectional Housing home.
CANative
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We used to refer to this type of construction style as "pre-cut."
For loan purposes and purposes of comparison it is the same as conventional construction (site built.) Use sales of properties with similarities in quality and materials.
For loan purposes and purposes of comparison it is the same as conventional construction (site built.) Use sales of properties with similarities in quality and materials.
mutigerfan
Junior Member
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That is what I will do.
Seems to me that the powers that be would want to clean up the muddy waters in regards to this issue. No way is this home a manufacture home - yet the AI defines it as such.
Thank you for your impute.
Seems to me that the powers that be would want to clean up the muddy waters in regards to this issue. No way is this home a manufacture home - yet the AI defines it as such.
Thank you for your impute.
CANative
Elite Member
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- Retired Appraiser
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- California
You have to force your line of thinking about this in order to separate the terms.
Manufactured Home -
A manufactured home (formerly known as a mobile home) is built to the Manufactured Home Construction and Safety Standards (HUD Code) and displays a red certification label on the exterior of each transportable section. Manufactured homes are built in the controlled environment of a manufacturing plant and are transported in one or more sections on a permanent chassis.
manufactured home-
built in a factory.
Manufactured Home -
A manufactured home (formerly known as a mobile home) is built to the Manufactured Home Construction and Safety Standards (HUD Code) and displays a red certification label on the exterior of each transportable section. Manufactured homes are built in the controlled environment of a manufacturing plant and are transported in one or more sections on a permanent chassis.
manufactured home-
built in a factory.
Jo Ann Meyer Stratton
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In the lending world there is only one type of manufactured housing-a home constructed to the HUD building code.
A manufactured home is only one of the many types of factory built homes. Homes constructed in a factory can be manufactured homes (after June 15, 1976), mobile homes (constructed prior to June 15, 1976), on-frame modulars, off-frame modulars, Park Models.
Homes constructed on site with pre-cut framing, some factory installed siding or roof or interior walls or plumbing or electrical service, etc are considered built on site homes. For individually constructed homes they use items constructed and assembled in a factory like roof trusses, cabinets, etc.
In this section on this forum are links to various different factory built organizations with more information.
A manufactured home is only one of the many types of factory built homes. Homes constructed in a factory can be manufactured homes (after June 15, 1976), mobile homes (constructed prior to June 15, 1976), on-frame modulars, off-frame modulars, Park Models.
Homes constructed on site with pre-cut framing, some factory installed siding or roof or interior walls or plumbing or electrical service, etc are considered built on site homes. For individually constructed homes they use items constructed and assembled in a factory like roof trusses, cabinets, etc.
In this section on this forum are links to various different factory built organizations with more information.
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