Manufactured home Condominium

[Bella Crocheron]

I am appraising a new manufactured home in a condominium project. The home will be attached to another manufactured home by a garage and common wall. I believe I should use the 1004C form and add the project information section of the Condo form.....but am not certain.

 

[Jerry Bone Jr]

Yes, use the 1004c

 

[Bella Crocheron]

Thank You

Thank you Jerry. I appreciate the help.

 

[Ray Miller]

You need to call your lender and tell them what you have. If it is a side by side stand along HUD/MFG Condo. I can see some problems using the 1004c. You may need to make this a narrative appraisal.

Now is this a MFG condo and meets local and state building codes and not built to HUD Codes? If so then it would go on a condo appraisal form.

With you asking these basic questions, it begs me to ask how much experience you have in appraising HUD/MFG and MFG housing.

I know of a couple of buildings at Eagle Co. that one was a MFG 4 or 5 story holel. They build a frame and slid the MFG units in and finished the hall ways. I knew of another that was build in the same general area for employee housing and it HUD/MFG that were slid together.

Be sure what you are appraising.

 

[Bella Crocheron]

Thank you Ray for your input.

I have a fair amount of experience appraising manufactured homes. I have absolutely NO experience appraising attached manufactured homes/Condos...this is why I question myself.

I remain uncertain on how to appraise this property, and which form to use. I have spoken with a few experienced appraisers, and still get conflicted answers....I am not sure I would call this a "basic" question.

I have decided to use the 1004c form with much weight on the cost approach due to a lack of comps.

I remain cautious about this decision, and would appreciate any feedback.

 

[Jerry Bone Jr]

I have decided to use the 1004c form with much weight on the cost approach due to a lack of comps.

Please let me know how you estimate the land value.

 

[Don Clark]

It is a Condo...use the condo form

A condominium is a form of ownership, not a style of archetecture. I have one such MH Condo development where all the double sections are condo units. I use the condo form. It is the most appropriate form for a condo.

 

[Jungle Boy]

Agree with Jerry and Don. (although Jerry posted only a question, it is a relevant statement as well).
I've appraised 2 detached Manufactured homes in a "mobile home" park where the lots (pads) were in the form of condo ownership. Both on condo forms.
The bank in both cases wanted to know for sure that the homes were permanently attached to the lot. I guess that would make them "attached", hey

 

[Jerry Bone Jr]

Thank you Ray for your input.
I have a fair amount of experience appraising manufactured homes. I have absolutely NO experience appraising attached manufactured homes/Condos...this is why I question myself.
I remain uncertain on how to appraise this property, and which form to use. I have spoken with a few experienced appraisers, and still get conflicted answers....I am not sure I would call this a "basic" question.
I have decided to use the 1004c form with much weight on the cost approach due to a lack of comps.
I remain cautious about this decision, and would appreciate any feedback.

Robin, apparently you have no experience appraising this type of property. Do you feel competent?
Secondly, if you're planning to use the new 1004c or the new 1073 you can not put primary emphasis on the Cost Approach. You must place primary emphasis on the Sales Comparison Approach. Want proof? Read the certifications.

 

[Charlotte Dixon]

Robin,

Forgive me if I didn't see this mentioned, but, in your Condo Project, does the borrower own the land? The reason I ask this question, is, we have a doublewide condo community here where the borrower owns the land, owns the doublewide, but owns a partial interest in the common elements, i.e. pool, tennis. It is a Condo Project, according to the way the project was set up and the 200 pages of condo docs I keep on file. I use the 1004C for homes in that condo community.

Be sure to look at the Condo docs of your particular community. That will help you decide which form to use.....
1) own the land - use the 1004C
2) do not own the land - use a condo form

Charlotte