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

[CCAAMO]

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

you can move anything if you have enough money just as you can remove "fixtures" from a home. Bottom line is the property is probable not on a permanent foundation so its personal property. If it is and it is on leased land then the poster needs to verify who owns it.

 

[alebrewer]

I believe FHA and or VA still use the term.

It's not in FHA's definition of a manufactured home:

a. Definitions (09/14/2015)​

Manufactured Housing refers to Structures that are transportable in one or more sections. They are designed to be used as a dwelling when connected to the required utilities, which include the plumbing, heating, air conditioning, and electrical systems contained therein. Manufactured Housing is designed and constructed to the federal Manufactured Home Construction and Safety Standards (MHCSS) as evidenced by an affixed HUD Certification Label. Manufactured Housing may also be referred to as mobile housing, sectionals, multi-sectionals, double-wide, triple-wide, or single-wide.

A Manufactured Home refers to a single dwelling unit of Manufactured Housing.


I also tried searching 'stick' in their interactive feature and got nothing... again - I could care less. Folks can call them reindeer as far as I'm concerned. Just hate to see disinformation.

 

[CCAAMO]

This was on FHA.Com:
FHA / VA / USDA One-Time Close Construction to Permanent Loans are offered for new site stick build housing, new modular construction, and new manufactured construction. While the State of California is split into MSA’s, these Single-Close construction loans are available in all 58 CA counties. OTC mortgages are a major improvement over the old construction loan process that forced borrowers to apply for not one, but TWO loans; one for the payment for labor, materials, and construction of the home and another loan that covers the actual mortgage. FHA / VA / USDA OTC loans have a single application and closing date.

 

[CCAAMO]

FHA does use Site Built not stick built in the current guidelines so to each their own. Site Built is not all that accurate anymore since Trusses etc. are many times made in a factory, not built on site.

 

[KHS445]

The question that no one has asked is; what are the terms of the lease? Is it short term, long term, renewable, lease costs, who pays taxes, is it typical for the area, etc..

 

[RSW]

There used to be a NADA manufactured home appraiser certification for appraising personal property. I don't know if it is still available.

 

[sputnam]

OP said that the appraisal is for a divorce. Talk to the lawyer who is your Client (or your Client's lawyer). Tell them the situation, your concerns, and ask them how they want you to proceed. At that point, you can withdraw from the assignment if it isnt' something you are comfortable with.

 

[J Grant]

OP said that the appraisal is for a divorce. Talk to the lawyer who is your Client (or your Client's lawyer). Tell them the situation, your concerns, and ask them how they want you to proceed. At that point, you can withdraw from the assignment if it isnt' something you are comfortable with.

I see that it is a lawyer-client for a divorce - in the OP the post said they "never ran across this before" and had no idea what to do - why would an appraiser want to go to court or be challenged when they have no experience with the property type complexity - I wouldn't;t want to.

 

[Tom D]

In our big area the MLS doesn't have many of those sales. A lot of these are sold in house by the project people. Some of them are 65+ only. I might do it if i had comps. With no similar comps, your foot is ready to step in a bear trap. In which case the state will shoot you to ease the pain from doing it wrongly.
You can be made to look stupid, if you get on the stand. I don't do divorce appraisal. You should find divorce appraisals on this blog, might change your mind.

 

[J Grant]

In our big area the MLS doesn't have many of those sales. A lot of these are sold in house by the project people. Some of them are 65+ only. I might do it if i had comps. With no similar comps, your foot is ready to step in a bear trap. In which case the state will shoot you to ease the pain from doing it wrongly.
You can be made to look stupid, if you get on the stand. I don't do divorce appraisal. You should find divorce appraisals on this blog, might change your mind.

In mid and northern FL there are a ton of manufactured homes on land leases. We don't tend to have many in my area of S FL, but I have done a condo on a land lease (fun ) condos with rec leases , and SFR sold on land leases owned by a community trust. Every land lease situation can be different based on terms and how it affects value - typically but not always they are worth less than houses that own the land -for obvious reasons. I was shocked at how high the land lease fee is for houses in mid and North FL when I did some casual research on it - if you buy a property on a land lease you are typically stuck paying it forever, unless the owner of the land decides to sell to you /let you pay the balance of the lease down - on a 99 year land lease with 50 years to go do the math-