Manufactured Home in Trailer Park

[David Sawyer]

Hi Jerry, go over to Country Lakes on the west side of I-75 near Luckett Road, they have a sales trailer there. They sell the site and then sell the unit, so there are sales there that are seperate from the land. Hope that helps.

Mark,
I had one of these in North Fort Myers in one of those parks just off I-75, north of Palm Beech Blvd. The leased site was on a canal about 400 yards from the River. Hurricane Charlie leveled the MH, then the boyfried from Texas spent in my estimation $200,000-$250,000 making it a palace. Then a few years later they split! My client was the boyfriend's attorney. I had to get with the mgr of the park whom was extremely uncooperative to get the sales in the park. Went to other parks off of Palm Beech to do likewise. I remember it took a whole month to do the appraisal. I was supenoa, went to court but fortunately, they settled prior to any testimony on my part. Made big $$ on my fees!

 

[Victoria]

Have you tried asking the park manager if they know who usually does the appraisals in that park? If the appraiser is feeling nice they might help you out with some sales data or if they aren't willing to help you could refer your client to them. Have you disclosed to your client your lack of experience with this type of property?

 

[CANative]

The OP has to find the onsite resident park manager (not the management company) or the park busy body and start asking questions. Drinking their icky instant coffee or ice tea in the tupperware tumbler and try to ignore the tobacco stained teeth and cat odor.

 

[Dutchman]

Try using the NADA guide and software for manufactured houses. If you had no experieince in valuing this kind of property, why did you accept the assignment?

 

[wickedness1]

I had the identical situation. Trailer in a park & the land was owned by the park so we only appraised personal property. Believe it or not the auditor's office kept a separate exel log of all the trailer purchases going back for years. Their log had the make, model, year built, exact sale date, size, sales price and even if the sale was arms length. In the particular county I was appraising in, the owners of the trailers had to pay real estate taxes, so the auditor had to keep up on the sales. I would definately call the auditor and find out if these sales are tracked in the different parks. That phone call really paid off for me

 

[Webbed Feet]

Wanted to try something different and agreed to take a personal property appraisal on a manufactured home in a park. The home is still personal property and the ground is leased. The appraisal is to be used for an estate. The accountant stated a simple appraisal (letter would be ok) with an estimate of value. MLS does not have personal property manufactured homes data, so I contacted the manufacturer who also runs the park. Limited information could be obtained but no sales data. They sell new dwellings, and remodel the older homes that they buy. The did not want to reveal any sales information. My only choice is to do a cost new less depreciation for the home. Any special items I need to watch for? The carport, enclosed porch and handicap ramp will also be included in the depreciation schedules. Any other bases I need to cover?

Did the accountant ask you if you are in a USPAP mandatory state, if you are licensed in that state, and ask what Standard Eight says you have to comply with?

 

[CANative]

The accountant stated a simple appraisal (letter would be ok) with an estimate of value.

Did the accountant ask you if you are in a USPAP mandatory state, if you are licensed in that state, and ask what Standard Eight says you have to comply with?

Trying to find where SR8 prohibits "appraisal letters." Can you help me?

 

[DTB]

The OP has to find the onsite resident park manager (not the management company) or the park busy body and start asking questions. Drinking their icky instant coffee or ice tea in the tupperware tumbler and try to ignore the tobacco stained teeth and cat odor.

Boy, you make it sound like Beverly Hills.

 

[Doug Meyer]

Problem solved. Thank you everyone for your input.

 

[CANative]

Boy, you make it sound like Beverly Hills.

I hate those 25 year old, overstuffed recliners covered in cat hair and I won't drink out of Tupperware even at my house.