Manufactured home. on a 2055. in UAD format?

[Value Ninja]

Lender is requesting that I complete an exterior MH appraisal on a 2055 in UAD format. There are several issues here. #1, can the 2055 even be used for a MH home? My take is that is OK, as the pre-printed language on the form doesn't prohibit or directly conflict. #2 What about UAD? UAD wasn't intended for MH appraisals, but can it be used? I think not, but only as the quality and condition ratings have definitions which are just not applicable. Therefore using the those ratings would result in a misleading report.

I am not taking this assignment for the stated reasons, but there must be appraisers out there who are completing these , and therefore have a better comfort level with it. Anyone have a different take on this?

 

[residentialguy]

Tell them you can't. Tell them to read the first paragraph of the pre-printed report qualifiers on page 4. "This report form is NOT designed to report an appraisal of a manufactured home..."

They need the appropriate form. FNMA does NOT require UAD form for a manufactured home.

 

[JamesRockford]

Lender is requesting that I complete an exterior MH appraisal on a 2055 in UAD format.

I bet your MH is worth "slightly" less than this MH just up the bluff from "my" home/office trailer.

http://la.curbed.com/archives/2014/01/will_this_gorge_mobile_home_in_malibu_sell_for_4_million.php

 

[Noreen]

WOW... I can tell you this is not available in our "manufactured housing" here in my market area... impressive!!!

 

[Deleted member 128537]

I guess it would depend upon if the purpose of the assignment. You might have to amend the conditions and certifications which is possible to do. The fact is there is no exterior appraisal form for a manufactured home. So a 2055 exterior may be your only option. I have used the 2055 when doing a drive by for foreclosure purposes. What other form can be used?

 

[VegasWayne]

What is the purpose of requiring UAD? They will submit it to Fannie's database for a QC check. Anyone want to have an apraisal in that database that are obviously on the wrong form?

 

[Mr Rex]

Fannie Mae uses 2055's for pre-foreclosures on manufactured homes.

 

[VolcanoLvr]

Quote: "Fannie Mae uses 2055's for pre-foreclosures on manufactured homes."

Isn't that just peachy. They violate the stated purpose on their own form!

Could this assignment be shifted to a GP form of some flavor and still pass U/W?

But..........also keep in mind that if the 2055 is to be used, and the UAD reporting conventions are used, add the UAD definitions page to your report. That's how you assure people can understand the abbreviations. You have also produced a 'credible' report, at least in terms of reporting those items.

 

[Mr Rex]

The pre-printed language says: "This report form is not designed to report an appraisal of a manufactured home..." not that it cannot be used to report an appraisal of a manufactured home in any circumstances. Obviously Fannie "designed" that little subtlety in the language for their own benefit.:icon_idea:

 

[residentialguy]

Fannie Mae uses 2055's for pre-foreclosures on manufactured homes.

UAD or the non uad forms?