Manufactured Home - Attached to Stick Built Home

[brndn]

An order request is floating around my area for a unique property. I don't plan to take the order, but maybe one day I'll get stuck with something like it.

The client is a bank. It's for a conventional purchase. They have requested the 1004C form.

The property was originally improved with a stick-built house in the 1950s. At some point the owners attached a manufactured home to the stick-built dwelling. The manufactured home was manufactured in 2000. The two structures are connected via foyer.

I've dealt with additions to manufactured homes, but not in reverse. I would want to treat this the same way and require a structural engineer to sign off on structural integrity per Fannie/Freddie guidance.

Aside from the difficulty of finding comparables, what are some additional considerations or pitfalls to avoid other than the assignment itself?

 

[Terrel L. Shields]

Aside from the difficulty of finding comparables, what are some additional considerations or pitfalls to avoid other than the assignment itself?

I would do that for a real bank in a non-conforming conventional loan situation. I would not touch it with a 10' pole if for secondary market (FNMA, or FHA). Too much trouble. People do dumb things and adding a MH to a house is one of the dumber.

 

[brndn]

I would do that for a real bank in a non-conforming conventional loan situation. I would not touch it with a 10' pole if for secondary market (FNMA, or FHA). Too much trouble. People do dumb things and adding a MH to a house is one of the dumber.

I appreciate the response. It was trouble enough just researching the property to figure out the situation.

 

[Overimprovement]

I would not personally do it on a Fannie form either, but IF one had to do it, I would also go with 1004C--as I think any combination of styles reverts to the lower quality one on any overall basis. Even if the condition of the MH is better at present.

Curious--are the main living areas the same, so it is like two dwellings just attached (2 kitchens, many bedrooms, 2 living rooms, etc), or has there been a big interior conversion of one or more spaces? How is the county viewing this? Has the MH been declared real property? (Not sure how that works in GA).

How would someone view the home walking thru it? A stick with extra space (MH part), OR a MH with some older storage space (the stick part)?

I've seen nearly the exact opposite, which was real fun--an older DH that had everything replaced above the foundation with site built parts, but still had the typical beams underneath. I called it a very nice quality DW. Got some R-rated fan mail afterward.

 

[EddieB]

I assume the bank is keeping the loan. I would use a dated GSE form or a Gen Appraisal Report. I’ve appraised a few frankentailers over the years, aim high with the fee. It’s a good exercise but I’ve never felt i barged adequately.

 

[brndn]

Curious--are the main living areas the same, so it is like two dwellings just attached (2 kitchens, many bedrooms, 2 living rooms, etc), or has there been a big interior conversion of one or more spaces? How is the county viewing this? Has the MH been declared real property? (Not sure how that works in GA).

It's like two dwellings that are attached. The assessor is treating the two structures separately. They call the manufactured side a "mobile home" and list its contributory value. This is typical, though—despite the terminology and separation, they tax it as real property.

How would someone view the home walking thru it? A stick with extra space (MH part), OR a MH with some older storage space (the stick part)?

I think it would appeal to those wanting excess square footage for cheap—maybe fulfill a fantasy of owning two homes, sticking mom in one side or renting it out. Each side has a kitchen and living room; the manufactured home is larger and features 3 bedrooms with 2 baths. The stick-built side is 2 bedrooms and one bath. The connecting foyer is heated/cooled with carpet and drab views of vinyl siding on each end. This place won't be featured in Homes and Gardens, but I suppose it might get the job done for a buyer looking for cheap SF.

I've seen nearly the exact opposite, which was real fun--an older DH that had everything replaced above the foundation with site built parts, but still had the typical beams underneath. I called it a very nice quality DW. Got some R-rated fan mail afterward.

Hey, I think that's a fine description. Some folks just don't appreciate good writing.

 

[brndn]

I assume the bank is keeping the loan. I would use a dated GSE form or a Gen Appraisal Report. I’ve appraised a few frankentailers over the years, aim high with the fee. It’s a good exercise but I’ve never felt i barged adequately.

I decided to counter with a quote. Fortunately, the fee was so high that I haven't heard a word since.

 

[sputnam]

Just in general..... I don't let the Client dictate the form or format of the appraisal report. Sure, if the form they specify is appropriate for the assignment, no problem. If it's not, and that would seem to include the property in the OP then it's time to chat with the Client. If the Client insists on an inappropriate form then, they either have to find another appraiser or the fee goes way up. It can be a lot of extra time and work to make sure that an appraisal reported on a form it wasn't designed for is not misleading and is compliant.