Manufactured home not real estate. No lender, this is for a divorce situation.

[alebrewer]

Thousands of manufactured homes on leased land in Mobile Home parks here. Limited number of lenders who lend in this market, and the interest rate is typically higher than for stick built SFR's.

Those would still be personal property, though, right? Kind of like an auto loan?

 

[gregb]

Kind of like an auto loan?

Not exactly, not mobile as wheels have been removed.

 

[alebrewer]

Not exactly, not mobile as wheels have been removed.

But not real property either unless they're in some kind of HPS or site condo type arrangement? IOW - if the individual home owners have no interest in the underlying land, then the homes can't be real property, right? How are they taxed?

 

[gregb]

There is a leasehold interest in the land.

 

[Dublin ohio]

So I went out to do an appraisal on a manufactured home/doublewide. Come to find out the owners of the home lease the land it is situated on. Never ran across this before. Any thoughts on this? Is there a way to appraise just the manufactured home for it's value? I believe it is only considered personal property since the title has not been turned in as real estate.
Thanks,
Harold

What does the county classify it as. It either has to be classified as a mfg (mobile home) with a title or as real estate

Ohio revised code: 4503.061

(A) All manufactured and mobile homes shall be listed on either the real property tax list or the manufactured home tax list of the county in which the home has situs. Each owner shall follow the procedures in this section to identify the home to the county auditor of the county containing the taxing district in which the home has situs so that the auditor may place the home on the appropriate tax list.

 

[CCAAMO]

For sure! In Texas, it's not the method of fixation that determines whether the improvements are 'real property' or not - it's the election by the responsible party.

Just FYI, and it's no big deal either way, but MFG homes are stick built also...

FYI to be completely accurate, neither is actually built with sticks

 

[CCAAMO]

Thousands of manufactured homes on leased land in Mobile Home parks here. Limited number of lenders who lend in this market, and the interest rate is typically higher than for stick built SFR's.

Because the homes in mobile home parks are not typically on permanent foundations. When the lease is up and not renewed the owner has it moved off the site

 

[alebrewer]

FYI to be completely accurate, neither is actually built with sticks

I never use the term 'stick built'. To your point - they're not built with sticks, but rather with wood. I generally use 'site built' to describe non-modular and non-manufactured, 'assembled on site' to describe modular, and 'manufactured' to describe manufactured. That's just me, though. I just always thought it a bit entertaining that folks call site built homes 'stick built' when, in fact, manufactured and site built are (generally) wood construction.

 

[Dublin ohio]

Because the homes in mobile home parks are not typically on permanent foundations. When the lease is up and not renewed the owner has it moved off the site

Nothing to prevent someone from moving one on a "permanent" foundation. They really aren't supported by the perimeter foundation. They have to rest on piers spaced as per mfgrs specs

 

[CCAAMO]

True, but people typical know what your referring to when you say stick built vs manufactured home or mobile home. I believe FHA and or VA still use the term.