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Manufactured Home As An Adu

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tnaappraisals

Freshman Member
Joined
Dec 6, 2007
Professional Status
Licensed Appraiser
State
California
I am working on an appraisal with a SFR with a manufactured home ADU (occupied by a family member). Did Fannie Mae change the rule to be able to include the manufactured home as an ADU or is unit to be mentions but not given any contributory value?
 

Terrel L. Shields

Elite Member
Gold Supporting Member
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May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
If it is personal property it should be described, considered as to its impact, but excluded from the appraisal, unless they've changed the rule (I don't "do" fannie mae anymore). It is not a matter of "giving" it value. It does have contributory value most likely. It just needs excluded as personal property from the report. But if considered real property, it should comply with the Fannie regs below. And, unless they have some special caveat, I don't think it matters if it is a MH or not. They are lending on the primary residence.

https://www.fanniemae.com/content/guide/selling/b4/1.3/05.html#Accessory.20Units
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
It does have contributory value most likely. It just needs excluded as personal property from the report.

:eyecrazy:
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
What if its not personal property?
 

Sid Holderly

Senior Member
Gold Supporting Member
Joined
Jun 16, 2005
Professional Status
Certified Residential Appraiser
State
Indiana
A manufactured home on a permanent foundation (defined by local zoning code) is treated as real property by the county assessor. Zoning would also determine if it was legal to have a second home on a lot. A tempory second home is allowed by zoning for a short time, such as for a caretaker. So, for FHA, a ADU value/use might be plausible for either type of placement of a manufactured home. Search your local code and reference documents like the following, page 14 & 15.

https://portal.HUD.gov/hudportal/documents/huddoc?id=SFH_POLI_APPR_PROP.pdf
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
Considered by who?
I would assume if the County Property Appraiser and/or local municipality considered it real property, then it's real property. I'd also check that the wheels, tongue and axle are removed would help to determine real vs personal property
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
The property appraiser who works for the assessor is only concerned about providing a valuation to the tax collector for purposes of taxation. The improvement is still going to be taxed.

That's not the same thing we do.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
A manufactured home on a permanent foundation (defined by local zoning code) is treated as real property by the county assessor. Zoning would also determine if it was legal to have a second home on a lot. A tempory second home is allowed by zoning for a short time, such as for a caretaker. So, for FHA, a ADU value/use might be plausible for either type of placement of a manufactured home. Search your local code and reference documents like the following, page 14 & 15.

https://portal.HUD.gov/hudportal/documents/huddoc?id=SFH_POLI_APPR_PROP.pdf

If (and when) I came across a property with an additional living unit such as a manufactured home that was connected to the power, water and sewer/septic and people were living in it on a full time basis I would have a difficult time concluding there was no contributory value just because the assessor paperwork was not completed.
 
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