Mobile Home With Large Addition - What To Do? What To Do?

[CANative]

It's a mobile home (because it was not originally built to the HUD Manufactured Home Construction and Safety Standards.) That cannot be changed unless you have a time machine. The additions don't change that fact. In fact, additions to a factory built house can compromise the originally engineering and systems of the mobile home and cause premature failure or unsafe conditions. This property will not be eligible for anything but private financing (no FHA, Fannie Mae, or other type of conventional loan) which makes purchasing more difficult for non-cash buyers.

This is a very complex assignment. Tell your supervisor and see if he wants to proceed anyway.

 

[DWiley]

It's a mobile home (because it was not originally built to the HUD Manufactured Home Construction and Safety Standards.) That cannot be changed unless you have a time machine. The additions don't change that fact... This property will not be eligible for anything but private financing (no FHA, Fannie Mae, or other type of conventional loan) which makes purchasing more difficult for non-cash buyers.

To me, these are key points to consider. There may well be those who would be willing to purchase the property, but financing option would likely be very limited, and that could affect marketability.

 

[notsmith]

This is a very complex assignment. Tell your supervisor and see if he wants to proceed anyway.[/QUOTE]


Thanks...I thought it should be considered a mobile. I did not know about the engineering/foundation issues, so thank you very much. We were out and did the inspection together, so he knows and was shaking his head. I don't think he will back-out, he has been an appraiser for many years and is stubborn. I will scour the MLS for mobile with attached addition. Recommend an inspection, make extraordinary assumptions about foundation.

 

[notsmith]

There may well be those who would be willing to purchase the property, but financing option would likely be very limited, and that could a

There is a Church who is thinking about purchasing and then there is the auction. I understanding the financing issue, should we call that out in the Report??? and then How aside from finding other mobile's with additions do I determine how that affects value??????

 

[DWiley]

There is a Church who is thinking about purchasing and then there is the auction.

Yes, but assuming the purpose of the appraisal is to opine market value, that value would be based on the actions of a typical buyer. A typical buyer would likely pursue some sort of financing. If financing is less available, then that is something that has to be considered in the process. I would definitely be reaching out to some local lenders to discuss any financing challenges.

 

[Mr Rex]

I know what I'd do, teachable moment be damned

.

 

[RSW]

The OP stated the subject was purchased in 1975 with a mobile home on it. It is not a manufactured home. It is a mobile home and will be a mobile home with additions. How would the market react to it if it were placed on the market. That is, if the potential buyers knew it was partially a mobile home and not a site built home? That is what you need to determine.

 

[CANative]

It's me again...

There are a lot of moving parts to this assignment so be really (really) careful. Lot's of potential liability. The assessor still carries it as a "mobile home" which might indicate that permits were not obtained for the substantial addition. You say the bedrooms are in the original MH portion but didn't say anything about the kitchen and bathrooms. Check your state agency that administers the mobile/manufactured home program. Check for required permits. This is really important for several reasons. The most important reason is that you can't just add things on to a factory built home. It changes the original design and engineering and could affect structural integrity, heating systems, plumbing and electrical, roof loads, etc., etc. If not done properly this could be a death trap.

The other issue is that if any required State permits were not obtained the property could get red-tagged until it comes into compliance and at this point it would probably be cheaper to demolish it and install a new home or build a new one. Who knows?

If you decide to forge ahead be prepared to spend hours and hours (and hours and hours) combing through MLS over large areas and long periods of time trying to find something similar (MH with living area additions.) You'll have to be clever in searching for agent comments, reading between lines, looking at pictures, seeing something suspicious in the way it's described, etc. Agents don't like to mention this stuff. I've gotten good at it but it's taken me 15 years of working rural areas with LOTS of manufactured homes and just plain weird stuff.

I sort of hope I'm talking you out of this one. I have a feeling you'll both get half way through and then kick yourself for not withdrawing from this PIA assignment.

You might get a ballpark feel for the value by carefully estimating site value and adding the costs of the MH and site built improvements and applying some depreciation.

 

[Mr Rex]

This is a 2x3 times or more fee assignment in any where in the US IMHO and probably not worth it at that rate. You can't cure stupid, nor can you cure someone else's investment mistakes as an appraiser years later. Had they asked an appraiser years ago before they decided to do what they have done, this frankenstein's bastid child of a mobile home would have never happened.

 

[miktay]

My first thought was the exact same as post #16. Run, Forrest, Run!!
(I know - not very helpful)