Manufactured home appraisal-non lending

[apt20]

Hi-
I have been asked to complete an appraisal for estate purposes. Upon arriving at the tenant occupied home it was notice that the home appeared to be a manufactured home. Per the assessment office and the tenants it is a manufactured home. Steel beems are visible through the crawl entrance.

My question is, what form would you use? There is no GPAR for a manufactured...use it and state it is manufactured? 1004C (which one in the office believes we should use) lending language preprinted on the form. Old 1004?

Any advice would be great. Thanks in advance.

 

[Rich Heyn]

Use a GPAR and describe accordingly.

 

[apt20]

Use a GPAR and describe accordingly.

Thanks for the response. Thats the way I am leaning, don't know if I can convince my supervisor.

 

[VolcanoLvr]

Absolutely DO NOT USE A GSE FORM.

Shall I say that again??

Those are designed only for mortgage lending purposes.

If you folks use alamode software, there are General Purpose forms you can use.

But why not do a Narrative report, by keeping USPAP at your side and following it? You will learn far more about report content and your USPAP requirements doing it that way.

 

[Jo Ann Meyer Stratton]

Or the AI Residential form. You can pick and choose which pages you want, add the exhibits you want, write your own Scope of Work, use the certifications you thing necessary. The only requirement to be in compliance with Standards 1 and 2 of USPAP. Recommend photos and notes regarding HUD labels/tags, data plate and any other tags or insignias or labels you find. Also photos of the crawl space. Describe the property tax situation that exists, if being taxed as personal property, describe the steps necessary in your state for it to be taxed as real property. And any thing else you can think of.

 

[apt20]

Or the AI Residential form. You can pick and choose which pages you want, add the exhibits you want, write your own Scope of Work, use the certifications you thing necessary. The only requirement to be in compliance with Standards 1 and 2 of USPAP. Recommend photos and notes regarding HUD labels/tags, data plate and any other tags or insignias or labels you find. Also photos of the crawl space. Describe the property tax situation that exists, if being taxed as personal property, describe the steps necessary in your state for it to be taxed as real property. And any thing else you can think of.

Thank you!

No HUD labels inside or out. Nothing could be found. It is taxed as real estate. An old property record card from the courthouse describes it as a 1974 modular. Newer cards call it a manufactured. Many assessment offices in our area don't know the difference or use the terms interchangably(is that a word?). The AI form is not one I, or anyone in my office has used before. We generally stick to the GPAR. The client has requested a form, but this is probably dealt with better in a narrative. We will see what they say I guess and go from there.

 

[apt20]

Absolutely DO NOT USE A GSE FORM.

Shall I say that again??

Those are designed only for mortgage lending purposes.

If you folks use alamode software, there are General Purpose forms you can use.

But why not do a Narrative report, by keeping USPAP at your side and following it? You will learn far more about report content and your USPAP requirements doing it that way.

I agree, some in my office, including my supervisor hold a different view at times.

 

[CANative]

Thank you!

No HUD labels inside or out. Nothing could be found. It is taxed as real estate. An old property record card from the courthouse describes it as a 1974 modular. Newer cards call it a manufactured. Many assessment offices in our area don't know the difference or use the terms interchangably(is that a word?). The AI form is not one I, or anyone in my office has used before. We generally stick to the GPAR. The client has requested a form, but this is probably dealt with better in a narrative. We will see what they say I guess and go from there.

This is a pre-HUD factory built. On frame construction. In other words a mobile home. It's not eligible for GSE or FHA financing. That may or may not have an effect on market value due to the lack of financing options.

Study up before doing this one.

 

[Rlong]

That's a REALLY good point. This is a mobile "trailer house" (negative connotation acknowledged). Your gonna need some sales of pre 1976 mobiles (from ANY time) and be able to adjust for the fact that no government backed financing is available if using post 1976 mobiles as comparables. Need to do HBU analysis, depending on your market (and available data) I would think you could appraise the land and adjust for the contributory value of the rental "Trailer House".

Always interesting!

Bob in CO

 

[apt20]

So, my supervisor has decided to put the report on the 1004C. I have decided I will not sign the report unless it is on a GPAR or narrative. Is that the correct response, or should I just comply with my supervisor?