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Manufactured - Modular

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friendlyeddie

Sophomore Member
Joined
Mar 30, 2010
Professional Status
Appraiser Trainee
State
Pennsylvania
Yes, manufactured is built to HUD code. The hardest part (at least in this area) is determining what the prospective comps truly are as they are often advertised incorrectly in the MLS. It will be something you'll have to pour over the nuances of. Be careful, sounds like new territory, nothing wrong with punting.
 

Scott R.

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May 6, 2006
Professional Status
Certified Residential Appraiser
State
California
Manufactured homes are blue.
Modular homes are white.
Mobile homes were typically pink or aqua.
 

ZZGAMAZZ

Thread Starter
Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
Manufactured homes are blue.
Modular homes are white.
Mobile homes were typically pink or aqua.
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Sounds like the refrain of the old country song, "You're breaking my heart. You're making me blue. So xxxx zzz."
 

ZZGAMAZZ

Thread Starter
Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
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Sounds like the refrain of the old country song, "You're breaking my heart. You're making me blue. So xxxx zzz."

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As opposed to the all-time Country song lyrics, "He was out in the field working on his John Dere . . . and she was in the trailer, working on his Dear John."
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Interesting thing about local codes. You will probably find that a HUD manufactured home meets local building codes also. Local building codes have a low bar in many areas. So I ask you, if an on frame home goes down the same line as another on frame home and the only difference at the end is a tag on the home what is the most similar comparable property for each home? Just because it has a certain tag, it does not make it more similar to a site built home. Especially when you realize they both meet local building codes.
 

ZZGAMAZZ

Thread Starter
Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
Interesting thing about local codes. You will probably find that a HUD manufactured home meets local building codes also. Local building codes have a low bar in many areas. So I ask you, if an on frame home goes down the same line as another on frame home and the only difference at the end is a tag on the home what is the most similar comparable property for each home? Just because it has a certain tag, it does not make it more similar to a site built home. Especially when you realize they both meet local building codes.
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The obvious answer would be to use manufactured comparables for manufactured homes, and ditto for modulars, although a [CRMLS} modular database does not exist, possibly leading to your implication that manufactured are better comps for modulars than are site-built...
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
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The obvious answer would be to use manufactured comparables for manufactured homes, and ditto for modulars, although a [CRMLS} modular database does not exist, possibly leading to your implication that manufactured are better comps for modulars than are site-built...
Only on frame modular homes. I took the time to call a manufacturer here to ask the differences between the homes since they were both built in the same place. They were the ones that told me they were virtually the same homes except the tags they put on them at the end. I did this after a lender sent me a note stating that modular homes must be compared to site built homes. I new this was true except for except on frame modular homes. The lender did not want me to realize that. This was a VA appraisal order. They even sent me a VA appraisal for the last one where the appraiser used all brick, slab site built homes. Back then, Fannie would not loan on on-frame modular homes. When I contacted the VA and explained what the manufacturer told me. they told me to use whatever sales I considered most appropriate for sales comparison. The lender quickly canceled the VA order when I questioned them about their memo saying I must use site built homes for all modular homes.
 

ZZGAMAZZ

Thread Starter
Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
Only on frame modular homes. I took the time to call a manufacturer here to ask the differences between the homes since they were both built in the same place. They were the ones that told me they were virtually the same homes except the tags they put on them at the end. I did this after a lender sent me a note stating that modular homes must be compared to site built homes. I new this was true except for except on frame modular homes. The lender did not want me to realize that. This was a VA appraisal order. They even sent me a VA appraisal for the last one where the appraiser used all brick, slab site built homes. Back then, Fannie would not loan on on-frame modular homes. When I contacted the VA and explained what the manufacturer told me. they told me to use whatever sales I considered most appropriate for sales comparison. The lender quickly canceled the VA order when I questioned them about their memo saying I must use site built homes for all modular homes.
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Posts like this render the AF as a blessing especially because the issue is framed in antecetodal as well as absolute info. I personally would be willing to pay for access to the AF, at least as much as the $400 annual MLS fees (well, maybe half that [LOL])...
 
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