Lender Ordered 1004C for Shipping Container Home

[lnamdar]

A new lender reached out asking for a quote on a rush ordered 1004C conventional purchase. They wanted it within 24 hours. After some research, we realized the lot is currently vacant and the home has yet to be built. There isn't an address yet. We called the 'agent' number provided by the lender and it turns out it was the builder. He said this is a construction loan for a container. It has not been built yet, but will we built off-site and delivered to the site. The blueprints provided by the lender indicate a 'Unit A' and a 'Unit B' which we assume will sit on top of the other. We then called the lender and asked them to revise and confirm what form they want this appraisal on.

Our office has never appraised a shipping container. To our knowledge, the 1004C form would not be compatible, unless the shipping container has a HUD plate.
What forms have you used before for shipping containers? Do they have HUD tags? And, what do you indicated as affixture if it isn't on-site or built yet?

 

[Dublin ohio]

I believe Fannie treats container homes the same as modular homes, sectional or panelized homes. So a 1004 would be the correct form. They must also meet local building code requirements. . Although in theory you can compare a container home to other modular or stick built homes. IMHO in this case. Finding a sale of similar construction would be necessary to prove marketability

B2-3-02, Special Property Eligibility and Underwriting Considerations: Factory-Built Housing (10/04/2023)

selling-guide.fanniemae.com

 

[Dublin ohio]

And, what do you indicated as affixture if it isn't on-site or built yet?

The plans and specs should provide that information. So you treat it as any other new construction. Subject to completion per plans and specs.

 

[Terrel L. Shields]

And for our next assignment, - just shoot me.

 

[Surf Cat]

Lol....the cat going shanty with the box as opposed to the new, plush, cat cave.

Some of those container conversations are pretty nice if done right. Hope you can find the appropriate comps...therein lies the rub...

 

[Overimprovement]

I love it. 24 hour rush job on a complex assignment--not even built yet.

Welcome to residential appraising in 2024.

 

[Elliott]

I don't see how its a condo. I did one that was originally from some state like Ohio and it was a hot dog stand, so it had a paint scheme. They built a 10' porch all around it and added a 3/12 aluminum roof, so it still looked strange, but had somewhat of a 'house' look. It was on a couple of acres. Small houses as comparables, but now there are Tiny homes too.

 

[Whtwhale]

I love it. 24 hour rush job on a complex assignment--not even built yet.

Welcome to residential appraising in 2024.

In my experience many of these rush assignments are due to the assignment being quoted as something else, the appraiser gets to the site/receives information to the contrary, and asks for a complexity fee. They then reassign it but now need it as a rush.

 

[Cob]

Someone in this office I worked at previously went to a property and it was a Morgan building!

Backyard Storage - Guard Houses - ManCamps & More | Morgan Buildings

morganusa.com

 

[sputnam]

I really hate that Clients routinely specify the form that the appraisal should be reported on. As the appraiser, we can decline the assignment, persuade the Client to accept a more appropriate form or format, or spend a lot of time adding comments to make the inappropriate form comply. Personally, I won't do the latter.