Mobile Home questions - NADA Form

[ROBERT JONES]

Subjecty is a (bult in 1996)27 x 60 factory built mobile home set on a basement. All under carriage items have been removed. Land is owned by borrower. Assessed as real property.

The location is in an older community of stick built homes - no such animals in this part if NJ - if there re I haven't seen any.

My main qustion is - Is it mandatory to appraise this on the NADA Form - or is that a client/lender decision.

Thanks!

 

[CANative]

The "NADA Form?" What does that mean? If you're referring to NADA's NAS forms well that's only for HUD Title I appraisals (MH's in parks.)

It sounds like what you have is an off-chassis modular home. The appraisal would be reported on a URAR (1004) form.

It also sounds like you might have some "experience" issues. If this is for a lender who wants to do a conventional loan you may need to discuss your lack of experience. It might be safer to withdraw from this assignment.

 

[Mr Rex]

If it is indeed a "mobile home" aka HUD code home, removing all the undercarriage is akin to removing the bones from one's legs.

 

[CANative]

If it is indeed a "mobile home" aka HUD code home, removing all the undercarriage is akin to removing the bones from one's legs.

The spell for removing bones is Brakium Emendo.

 

[ROBERT JONES]

Like I said we don't see them - so I didn't know if it went on a special form - if it did I would need to resign from the assignment..so Thanks!

 

[CANative]

The choice of form is not your biggest issue. It's the fact that you may not understand the issues with factory built housing. In this case what may or may not be modular construction. If it's a modified manufactured home there is a major, MAJOR issue. If it's just an off-frame modular you need to figure out the market reaction since you say there is nothing else like it in the market.

Keep in mind that for Fannie Mae/Freddie Mac the competency requirements are not as lenient as USPAP.

 

[Terrel L. Shields]

A manf home is a manf. home..period. regardless the cost book used.

If they removed the metal frame then what did they replace it with? Or do you merely mean they removed the tongue and axles? It is a manf. home. Fannie and Freddy and FHA don't lend on them under conventional lending programs - if I understand them correctly. Like another forumite used to say, "If kittens are born in an oven, that don't make them bisquits.

The form used is your choice. But you need to make sure the lender knows that it is a manufactured home and that undercarriage or not, it is considered a manf. home...period. If an in house loan with a local bank... go for it...but you need similar comps not stick built homes.

 

[CANative]

Stick to poultry farms, minerals and gas appraisals. You appear to be kind of confused about residential factory built housing.

 

[JamesRockford]

27 x 60 factory built mobile home set on a basement in an older community of stick built homes - no such animals in this part if NJ - if there re I haven't seen any. My main qustion is - Is it mandatory to appraise this on the NADA Form - or is that a client/lender decision. Thanks!

My "main question" is what took you more than 60 seconds to reject this assignment?

Manufactured house + No comps = No appraisal report from me.

 

[CANative]

If it is a manufactured home with the chassis removed there will be no appraisal because there will be no loan because there will probably be no house in a few years.

If it's just an off-chassis modular then there is no reason not to appraise it. The GSEs, FHA and VA will all lend on it. You can use site built homes of similar quality as comps.

CR's 2 / CG's 0

lol