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Manufactured/Modular House Checklist? Help

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Russ

Thread Starter
Sophomore Member
Joined
Feb 25, 2002
:!: I just completed an appraisal for a manufactured home (HUD tag) with 6 similar manufactured comps and 3 stick built comps. According to the Lender the Underwriter was very happy with the report however I have a CONDITION for a manufactured home checklist. Does anybody know what a MANUFACTURED HOME CHECKLIST is? Can anybody email me one? Many thanks in advance. The new forum is great!
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Russ,

What software do you have? Alamode has one in their forms.

Check out your software and if you don't find one, let me know and I'll send you one that you can at least print out.

Welcome aboard!
 

rtubbs

Junior Member
Joined
Jan 15, 2002
Russ, a lot of UW's have their own certifications and they do differ. I would have the lender obtain one from the specific UW they are dealing with.

Good luck on certifying that the foundation was designed by an engineer to meet the soil conditions and that the unit was installed in accordance with the manufacturer's recommendations. I never certify to these two items.

Ron
 

Rich Heyn

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Michigan
Russ,

Manufactured Housing Checklists are often used by lenders to assure compliance with secondary market requirements.

Among other things, FNMA and FHLMC require the dwelling be "permanently affixed" to the foundation; footings below frost grade; wheels, axles and hitch removed; etc. The property must be classified as real estate, bla bla bla.

The trouble with these checklists is that they essentially ask the appraiser to issue opinions that are outside the appraiser's expertise. The result is tremendous additional liability for the appraiser.

Another example of a client using the appraiser's E&O as the client's loss prevention. The clients don't care -- they just want to show due diligence on their part.

WATCH OUT!! These things can hurtya.

Rich Heyn
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
If you decide to use the checklist your client sends you---get a large bottle of white out and a large black felt tip pen to cover up all the items that are not the appraiser's responsibility or area of expertise. Plus when they ask for the serial number posted by the front door---you know the form they are using is from before 1976! More whiteout and black felt tip pen areas! Then on the majority of lines type that the information is not available or not within an appraiser's line of expertise--if they have a concern, they need to contact a licensed engineer, etc. When a client insists of a check list I send them one I made, which goes down the line with Fannie Mae's 304 statements. Then at the bottom I say I am not a licensed engineer or licensed contractor and if they have any concerns about the foundation or frostline they need to contact a licensed specialist for that particular concern. By the way, the number on the HUD label is NOT the serial number or VIN (vehicle identification number). That number will only appear on the data plate/certificate of compliance which is a letter sized piece of paper with a map of the USA located in a closet or a cupboard or in the utility room (if still in the home) and the owner's ownership documents. It might be on the front of the chassis, but will be covered up by the perimeter enclosure and not visable.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Not familiar with these types of appraisals, we have minimal in our state, so I have a question - No laughing allowed :roll:

What type of "Certification" do you all sign :?:

Do you have to verify that it has wheels :?: (can they leave in the middle of the night ):?:
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Mr. Trotta,
I think you know the answer. A manufactured home is not eligible for a mortgage unless the axle, hitch and wheels have been removed and the subject is placed on permanent foundation (pier and beam in these parts, usually blocks) and can be classified as real estate. Every appraiser who appraises a manufactured home should start out their comments with a statement regarding the axle, hitch and wheels. An appraiser should take a picture under the skirting to show the wheels and axle have been removed. An appraiser should not make any comments that only a licensed engineer can answer. Half of the questions on the manufactured home check list should not be answered by the appraiser. However, many do anyway, so they let the appraiser except the liability. I seriously doubt that any appraiser can testify that they know the foundation was designed by an engineer, know anything about the frost line, or can state that the piers are placed where the manufacturer recommended. It is not marked "place pier here". Luckily, Athena has "n/a" box for each question on its manufactured home check list that miraculously is never on the one furnished by the lender. My suggestion to any appraiser who does not do manufactured homes is to stay away from them if at all possible or be prepared to make every involved party unhappy every time you appraise one. The checklist alone will drive you nuts. Then they will question your well supported value because they hear they are selling for $130,000 new. Then, you will have to fight to get paid for the appraisal unless you get paid at the door. If you do get paid at the door, they will try to make you feel guilty for taking the borrower's money because your value is much less than what they expected. Of course, it not like that every time, it just seems that way. If you happen to appraise in an area where the manufactured homes sales are sold and appraised correctly, consider yourself lucky and how do you handle that darn checklist?
 
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