Manufactured home Condominium

[Brad Ellis]

Robin,

You might perhaps save yourself some trouble by first calling your client to let them know what it is. While I do not know everyone's lensding guidelines, I do know that many, if not most, will not lend on an attached MH OR on a condo MH. Both together exacerbates the problem.

You might hear them tell you to forget about the assignment.

Charlotte,

If you can find the string, would you go to the one where folks were discussing site condos? Many of those folks do not believe that there can be such a condo development. Perhaps they will listen to you- they only wanted to argue with me!

Brad

 

[Charlotte Dixon]

O.K. Brad...I remember seeing that thread somewhere.

 

[Pamela Crowley (Florida)]

Here's one:

http://appraisersforum.com/forums/showthread.php?t=99841&highlight=Site+Condo

I'm searching for others.


Addition:

http://appraisersforum.com/forums/search.php?searchid=18282

That will give you a number of threads to seach that should help.


My personal suggestion is to use the 1004C manufactured home appraisal form and add on the new Fannie Condo Addendum.
That's after you let the client know what it is.

 

[Pamela Crowley (Florida)]

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.

DITTO!!!!!

 

[Bella Crocheron]

thanks all

Thanks all for your help.

I did leave out some valuable info. The client knows it is a manufactured home/condo and they are not the type of client to ask which form they want it on. Also: The borrowers DO own the land.

Also: There has been one sale in the condo complex in that the lot was purchased previous to the manufactured home. (It was not a package deal.) This lot sale gives a possible indication of value for the subject's lot...therefore because the subject is new construction, a cost approach could be a good indicator of value....although the manufacturerer will not provide an invoice...but thats a different issue.

There are absolutely NO manufactured home/condo properties in the county...therefore although I admit I have never appraised a property like this before, I am not sure how many appraisers in my county have.

The new manufactured home form instructs to add on part of the Condo Form if the manufactured home is in a condominium project. However, the condo form does not include a spot to indicate if the property is a manufactured home or not.... and I know the form is just a guideline for appraisers, but I believe the 1004c is correct.

This sounds like a similar property to one Charolett has appraised.

Again, Thanks all.

 

[Jerry Bone Jr]

Also: The borrowers DO own the land.

Well, is it a condo or isn't it? May be it's a PUD? Do you understand the difference? Good luck.

 

[Charlotte Dixon]

First it's a doublewide manufactured home
Second it's part condo ownership
Condo docs will reveal if there's a condo fee and/or a Pud fee
Use a 1004C Form with an addendum attached explaining that the borrower owns a numbered condominium unit in the common elements. Quote from the condo docs, and scan in a page of the docs as proof you know what you're doing.

Now, comps......probably will have to draw them only from that particular subdivision so to compare apples with apples.