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mobile vs manufactured.

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Mobile homes can be real property if the mobile and the land are owned or will be owned by the same individual. Then state, county and city laws and regulations apply for how it is installed and taxed. If it meets state and local requirements for real property it is real estate. If the mobile home is installed on rented or leased land then it is typically personal property depending on local and state requirements.
 
When the client asked me originally if the property was a mobile home or manufactured home I stated I did not know. I looked at county records (online) and there was not any property characteristics, other than lot size, which is unusal for this county. Other than checking age in county records, MLS, does anyone have any advice on determining manuf. or mobile before inspection?
 
When the client asked me originally if the property was a mobile home or manufactured home I stated I did not know. I looked at county records (online) and there was not any property characteristics, other than lot size, which is unusal for this county. Other than checking age in county records, MLS, does anyone have any advice on determining manuf. or mobile before inspection?


If only the lot is in the county records it appears that it has not been classified as real estate. My suggestion is to call the county assessors office and ask them. I also ask the property owner before I go out for the appointment. They would certainly know if the pay a real estate tax on the property. I have had several cases where half the property was real estate and the other half was personal property. Believe me, the assessor as well as the owner knew exactly what was real estate and what was not. It is just not that difficult. I realize in these days of online everything we tend not to do things the old fashioned way. But, telephones still work the way they always have.
 
Wil..

Feel free to call me later today if you want. I will be happy to discuss these issues on the phone which is easier than sorting it out on the forum.

707


744


9353


Just don't call until after about 10 a.m. I've got a client on my *** to finish this report I'm stuck on. LOL
 
I will call the assessor's office, I should have done that right off. Thanks Greg, I appreciate the offer for help.
 
If the land is owned in fee simple and the house is hooked up to utilities it would be considered real property. The only thing needed in CA is a recorded CA Form HCD 433A. The law has required this for a long time but since the older mobile was in a park which apparently has been converted, a 433A was never applied for. None of the foundation characteristics are relevant to the question of real versus personal property from the appraiser's point of view. The foundation must meet whatever the local requirements are and then constructive notice is accomplished by the recordation of the 433. A foundation can be as simple as steel jacks and a proprietary stablization system such as GustGuard (steel posts bolt to the frame and attached to concrete pads resting on the ground.
 
I called the assessor, and the property is only being taxed on the land. According to assessors office, there is no tax bill for the mobile itself. Thanks for all the help
 
The process of enabling the mobile home to be taxed as real estate would have to be completed prior to close of escrow. If the intent of the mortgage is to include both the land and the mobile home, you could complete a real property appraisal report. The biggest drawback is that the property will not qualify for Fannie Mae, Freddie Mac or FHA. That is what you need to discuss with the client. If the loan is going to be kept in house they might be able to go forward but the loan will not be eligible for conventional financing (resold to Fannie or Freddie and not insurable by FHA).
 
CA Form HCD 433A

Greg,

Is this something that would be on file at the county recorders office? If the property is on a permanent foundation already, can he file the 433A and the property becomes Real property rather than personal? What agency would be in charge of a form 433A? The client is now asking me to do the appraisal subject to, the property being put on a permanent foundation. I believe the property was on a permanent foundation already. So it appears to just need the 433A to become real property? Thanks for the help Greg.
 
Good mornign Wil.

It's a simple and inexpensive process (if the MH is already on a foundation system that would meet the local requirements). The homeowner (or foundation installer if a foundation is needed) needs to obtain the form from either the county planning and building department and schedules an inspection. The filing fee is usually less than $25. The county building inspector then verifies the foundation system and the document is recorded and filed. Simple as that. It takes a couple of days.

Since this is not a manufactured home you should discuss the reporting formats with your client. I would not report this appraisal on the new Fannie Mae 1004c because that form is designed and intended for a HUD code MH and conventional financing. It would be better to use the old form. You need to do a good job in describing the improvements and disclosing that it is not a manufactured home but a mobile home. Try to use ONLY MOBILE HOMES as comps, preferably located in converted parks. Financing optons are very limited and this has an effect on pricing and value.
 
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