Manufactured Housing Requirements From Lender

[Michael Geis]

I just received this request from a lender. There are a couple of things that I messed up on. However, there is a list of things, a few of which I have no idea of or how I'm supposed to come up with the answer. I'd like to get your thoughts if you'd read this attachments. Thanks in advance.

 

[Wally Jones]

However, there is a list of things, a few of which I have no idea of or how I'm supposed to come up with the answer. I'd like to get your thoughts if you'd read this attachments.

It seems most of the information requested should be covered by simply filling out the Form 1004C.

For those items you don't have an answer for, I'd be glad to try and help point you in the right direction if you'll let me know (by PM if you prefer) which specific questions you have.

Have you had a formal course in appraising manufactured housing? The AI's course taught by Rich Heyn is excellent. As with most things, education and experience will help with the basic stuff and then ask lots of questions on the other stuff.

 

[Richard Carlsen]

Mike

My first impression is that you need to do a better job of proofing your work.

Secondly, did you do this report on a 1004C FNMA Mfg Housing report form?

If not, why not?

Third, you need to get the assignment clear before you begin. Some of the questions asked by the lender you cannot answer; questions such as about the foundation, frost line, etc. You are not a structural engineer I assume.

If you are going to do manufactured housing, take a class on it. It will be well worth the time and money.

I appraise 40 to 60 mfg houses a year and one of the first rules that I set down for myself was to never, never ever use a site built for a comp no matter how far I had to go for mfg comps. As far as I am concerned, mfg housing is a separate market and site built house sales are not relevant to mfg house sales. Just my rule; do what you want but I'm not convinced that it can be demonstrated in my service area that a site built buyer will accept a mfg house as an alternative to a site built house. Sure it will happen in some cases but not enough for the different construction methods to be considered interchangeable as comps and relevant to the valuation process.

 

[CANative]

I fired SuckoLink as a client a long time ago.

I'm sure the obvious stuff that you missed was what you were talking about. Practice makes perfect.

As for that "list" it looks suspiciously like the old "Mobile Home Check Lists" that lender used to use before the 1004C and form 1004C came about. It looks like they just retyped it from the old, impossible to read, faxed, copied, refaxed and recopied forms we used to get.

Don't fill these forms out. All the required information for a manufactured home appraisal is in the form either by check box or by additional comments. If that was included in the original order, I probablly would have decline the assignment or made them remove it.

 

[Michael Geis]

Thanks But;

Richard,

I don't mean to be rude. I really like AF and I get, and try to give, some good advice. However, if I were critical of one thing, sometimes members get pretty darn sanctimonious. I'm sure you've never made a mistake or had to make a correction on report. I'll bet you never even have a typo. Believe it or not there are those of us who are not AF groupies, moderators, etc... who are competent to appraise. So please don't automatically assume that one who posts a question doesn't know the rules.

So, now that I have that off my chest, I've been doing this for nearly 14 years. I've done hundreds of manufactured homes. I filled out the 1004C, yes the new one... even the Cost Approach with my NADA guide that I even know how to read. Believe it or not, Richard, I actually know that I"m in zone EN in the guide. I even checked all of the boxes.

As far as the comps go, the rule says 2. In the area it was in, I was lucky to have any comps at all. I actually used 4 comps, 3 of which were manufactured homes. Since I study building costs and am even involved in some construction projects, I feel fully comfortable with adjusting for manuf. vs. non manuf. However, I do agree, in a perfect world, that they are different markets. There just usually aren't enough choices to be perfect and around here, if you are late, you are done with your clients PERIOD.

I was really interested in your thoughts on the ridiculous requests from this client. I hadn't seen that crap before, but I just wanted to make sure. I'll tell them to pound sand with those tomorrow.

Thank you all for the replys.... even you Richard. I was offended, but I've vented and I'm over it now.

 

[Michael Geis]

My new degree

I just enrolled in a Structural Engineering school that has a minor in Geology. I'll complete the course in about 6 years. Then I'll be able to complete this assignment the way they want.