Manufactured Home Help

[Geoff Hatcher]

Got to an inspection expeting a stick built home, ends up being a manufactured doublewide on a perminant foundation. It's been year's since I've done one. The property has been re-sided, no HUD label on the exterior. In the clost of the main bedroom I found the Manufacture's name, Serial # and Model # of the unit and the manfuctured date. No refence to the HUD Cerification #. Trying to complete the new form, any suggestions for another source of the HUD approval #?.


Thanks

 

[Mr Rex]

Not your problem. Report waht you found. The lender can get the info from IBITS. Free if FHA, $45 if conventional.

 

[Jo Ann Meyer Stratton]

You might have found an "on frame/chassis" modular home--which would mean it is not eligible for Fannie Mae financing. What was the year of manufacture and the name of the manufacturer? At www.HUD.gov web site, click on appraisers, search for manufactured homes. Click on manufacturers. Scroll to the state where the home was constructed. Is that manufacturer listed as a manufacturer of manufactured homes? If not, as I said in my first sentence--you might have a on frame/chassis modular. If so, call your client--tell them they need to verify the HUD label number and the appraisal assignment will be placed on hold until they do. Provide them with the data you did find--they will need the serial number to check with IBST. While in the manufactured home section on HUD.gov click on the topic missing HUD labels/tags. The link the lender/borrower will need and the information on how to verify the HUD label/tags is there. Put all the responsibility back on the client's shoulders!

 

[Lisa M Bock]

I may be using this site incorrectly, I trust you will all help me.

I am trying to settle a dispute with a lender in regards to establishing if a manufactured home is real property.

I recently inspected a manufactured home affixed to a full concrete block foundation situated on land owned by the home owner. The lender asked if the home was real or personal property. I replied by definition it is real property(the land and all attached imptovements) additionally it is taxed as real property per the county assessment office. The lender felt this was not enough investigation and questioned my abilities as an apparaiser. I thought checking title surrender would fall under titlework. What do you think?

 

[Joker]

Hello Geoff.
Jo Ann is right, you may have an on chasis modular but they are not overly popular in your neck of the woods. More likely, this may be a pre HUD home. What is the date of manufacture?

Welcom Lisa
You should have started a new topic with your question but you are sure to get some solid answers here as well. IMNSHO, it is YOUR job as the appraiser to determine title surrender as it can and ofter does impact value. Before determining value on any property, it is imperative that you determine what it is that you are valuing. In your case you must determine if it is a manufactured home, Pre-HUD, on chasis modular, or modular?

I don't know about the laws in Location Not Given but in these parts when an assessor has the property valued as real estate, title has been surrendered. The presence of concrete block skirting alone is not a determining factor. Just ask the plantifs in a recent case I worked on. They lost their case which was based upon that assumption.

 

[Geoff Hatcher]

The house was manufactured in 1980. Mute point now, used manufactured home comps, stated no HUD certification was located. Scary part is value was short of the owner's estimate so the lender used an AVM instead that got his value and had no problems with the missing HUD certification or the fact it was a manufactured home.

 

[Lisa M Bock]

Sorry for the interuption folks... I can start a new topic but I didn't want to affend Doug after he was kind enough to answer my question.

I must say Doug's answer blew my mind!!! I have called 6 appraisers in neighboring towns in Pennsylvania who all are doing manufactured home appraisals and concluding real property in the same manner I did. This newbie isn't trying to argue just to understand and share the data with my fellow appraisers. What is the purpose of the the Statement of limiting conditions on the 1004C (2005) Also A notice from Fannie Mae Dated 2004 (Refinance Loans for Manufactured Housing) which appears to place the burden on the closing company
and Freddie Mac Publication 387b dated Aug 2004 listing appraisal requirements which do not include title surrender but rather lists it as a closing cetification.

Long question short...Can someone guide me to the literature that recites the requirement for an appraiser to check for title surrender?

I am positive the subject is a manufactured home on a permanent foundation on land owned by the borrower and taxed as real property.

Thank you!!!!

 

[Randy Pippin]

In Georgia: as of Aug of 2004 the Georgia House bill 506 has been in effect. The T-234 is a permanent placement form that must be filled with the county clerk of courts to convert the personal property to real property. Pennsylvania should have its own version of this law. :dance:

 

[PamPearsall]

Welcome Lisa,

Where are you located?

In Arizona when the county assessor is taxing the subject as real property it is proof that the title has been surrendered. You don’t have to go and actually verify that the title was surrendered. I am in Yavapai County and I can go to DOR (Department of Revenue) or Yavapai County to discover if the manufactured home is real or personal property.

Doug indicated to you in your answer:

...I don't know about the laws in Location Not Given but in these parts when an assessor has the property valued as real estate, title has been surrendered.

So he is agreeing with you that where he is you can determine the title surrender (real verses personal property) question by looking to the taxing authority.

In your post you say:

...Additionally it is taxed as real property per the county assessment office.

This in fact shows you that the title has been surrendered. If it works the same way where you are as it works for me in Arizona and Doug where he is.

Your question was:

...thought checking title surrender would fall under title work. What do you think?

The answer is YES you do have to determine that the manufactured home is real property (because this determines your problem – the appraisal assignment; what are you appraising and this will have an effect on your value determination). The way a manufactured home becomes real property is that the title is surrendered.

You were right; your subject is real property because you checked the county records and they indicate that it is real property. They do this because the title has been surrendered.

Do you have to get a copy of that title surrender? Well, I have never been asked to do this. Nor is this something that I have done for my workfiles.

If I was asked for it. I wouldn’t argue with the loan office that it is outside the SOW. Instead I would go to my county assessor’s office to the manufactured housing department and request a copy of the title surrender then I would copy and paste it in an addendum to my report.

If the LO was rude and insinuated I didn’t know if it the subject was real or personal property after I had made that determination. I would be shocked and I probably would chose not to work for them in the future.

Sometimes there are stupid request made; I just usually try to find and support whatever they are asking for; unless it is some kind of USPAP rule they are asking me to break.

Good Luck

 

[Lisa M Bock]

This forum is great!!! I thank you all for your input. I am in Pennsylvania. I admit I am a bit of a hell cat. I began appraising about 4 years ago and have been involved in Real Estate for 10 years. When I started this job was great. Through the last 2 years the industry has changed so much. Every day is another fight. Every day is another demand. I'm sure I would be much happier conforming as suggested. It is just so exhausting sometimes. I am sure you all know where I am coming from.