Manufactured COOP?

[Kevin Rising]

I have been requested to complete an appraisal on an unusual property. Basically it is a manufactured on located in a manufactured home park. The owner owns home but the lot is a coop. The county does not show it as an individual lot. The intended ue is for the homeowners own information or purpose. The user is the homeowner.

I have decided that I’m not going to do the appraisal. But I would like to give they client some guidance. I have left a message for the Board of appraisal to determine if as a certified appraiser my license covers this type of property.

So what do you think? Is it even a real state transaction? I have done coop’s as condos but there is a deed that is recorded. I’m not sure the manufactured home transaction a recorded deed.

So I guess what I’m asking for is your collective experience on such a transaction.

 

[Couch Potato]

It would seem to me the appraisal of the manufactured home would be similar to any manufactured home on a leased lot since it is not owned by the coop. The value of the lease provided by virtue of ownership in the coop could also be evaluated like any similar transferable, long-term lease. Certainly well within the purview of a residential appraiser.

 

[Wayne Tomlinson]

Loks to me like a personal property appraisal.

Your license or lack of one is not a question. Just don't sign it as a real estate appraisal.

Wayne Tomlinson

 

[Mike Boyd]

Most appraisal software has a form for a manufactured home in a park. Not complicated and an easy 300-400 bucks. I have done many.

 

[JC California]

Mike,

The response prior to yours was, not to sign as an appraiser. When you appraise these manufactured homes in a park, do you sign as an appraiser?

I have never done one and most likely will not... just curious.

 

[Kevin Rising]

I have searched the County records and have not found a document that records when someone purchases a home in the subject subdivision. Courious. Think I'll call the County Recorder today and do a little research.

 

[Jo Ann Meyer Stratton]

I have never done a manufactured home in a co-op. However in Arizona you will not find any thing recorded in the county recorder's office regarding the manufactured home. You might find recorded documents pertaining to the co-op and then possibly lien documents. If each individual manufactured home unit is owned by an individual, the manufactured home unit will be assessed by the property owner's name as personal property. Then you would need the tax roll number to find the tax bill, which would have the year, manufacturer and size (including hitch) on that tax bill. If however all the manufactured home units are owned by the co-op and the ownership rights would be similar to units in a land/home co-op, all the manufactured home units will be assessed under the name of the co-op. Go into the assessor's office and found out the actual basis of the assessment for that specific assessor's parcel number for that co-op. What land, buildings, site improvements, personal property are listed for the APN? Ask for a printout that is called Property Information Card. Ask to see the actual property record card and or the improvement sketches. Private reporting services like Data Quick, Realist, etc, would not have that breakdown (they lump all improvements together in one square footage). I am not very clear how NetValue Central, etc handle multiple improvements on an APN. By the way, the NAIFA Phoenix chapter meeting will be having a two hour training session at MLS to learn all sorts of features of NetValue Central, MLS, etc prior to dinner meeting April 2. Watch for my email.

 

[Don Clark]

I have been requested to complete an appraisal on an unusual property. Basically it is a manufactured on located in a manufactured home park. The owner owns home but the lot is a coop. The county does not show it as an individual lot. The intended ue is for the homeowners own information or purpose. The user is the homeowner.

I have decided that I’m not going to do the appraisal. But I would like to give they client some guidance. I have left a message for the Board of appraisal to determine if as a certified appraiser my license covers this type of property.

So what do you think? Is it even a real state transaction? I have done coop’s as condos but there is a deed that is recorded. I’m not sure the manufactured home transaction a recorded deed.

So I guess what I’m asking for is your collective experience on such a transaction.

Kevin,

So far as I know there is no state that requires a license as an appraiser to appraise personal property, which is what you have. You might also want to inquire of NADA as to who now teaches their course on "The National Appraisal System", which is the appraisal of MH's that are personal property. You can also get a designation in MH Valuation, as personal property. If you are appraising only the MH you don't need to know much about the land, it's ownership, or anything else except how long the lease is for and what the monthly lease is. The MH is not a co-op, the land is.

 

[Kevin Rising]

Jo Ann,
I'm heading to the Assessors office this morning. The owner indicated he owned the unit but the lot and common areas were part of the COOP. But we will see. If you know someone how has experience with Manufactured COOP's please let me know. I'm going to refer him on to someone else.
Thanks for your help. Your the best. Hope to see you at the meeting.

Thanks to everyone who posted. I appreciate your comments.

 

[Mike Boyd]

Mike,

The response prior to yours was, not to sign as an appraiser. When you appraise these manufactured homes in a park, do you sign as an appraiser?

I have never done one and most likely will not... just curious.

Yes, I sign as the appraiser.