Modular Home Appraisal

[Dublin ohio]

the appraiser sent a email asking my agent to help find comparables, because he couldn't find any and he didn't think it was going to appraise, he also sent a list of the comparables he found, I looked up his comparables and they were all manufactured homes, double wides, my agent and the listing agent both sent him comparables but they were stick built, my agent then called to discuss this with him, explaining it was modular not manufactured and as far as we can understand should be appraised that way, he said in his opinion they were the same and therefore appraised the same, that they were not built as good as a sight built home and do not hold or gain value

My bold. Appraiser is either lazy or an idiot. Admits he can fid no modular comparables but than states that they are the same as manufactured and do not hold or gain value. Sounds like a big assumption on his part with no comparable data to back up the assumption. Would have been prudent for appraiser to withdraw from assignment due to lack of comparable sales. Not sure how it is in Texas. But in my area. It is very difficult to identify modular homes unless re agent mentions it in the listing. And too often. Re agents use manufactured and modular as synonyms. County auditor classifies modular same as stick built. So no help there. I agree with Marion. Find a new lender and demand your money back

 

[Terrel L. Shields]

Texas state stamp? Any ideas

Modular, 11years old... whazzit look like? Should have some kind of comparable homes somewhere unless you are in a very remote area of Tx

 

[Weslide]

Modular, bricked in, wood subfloor. Not one in forty appraisers would id it as such. Came in on truck in panels. Horse came in on his own
.View attachment 34209

Modular, 11years old... whazzit look like? Should have some kind of comparable homes somewhere unless you are in a very remote area of Tx

West Texas fairy remote small town, comparables are all stick built,

 

[Terrel L. Shields]

Stick builts are going to be your comps likely.

 

[Carnivore]

The two different times I lived in Texas I have seen a lot of modular homes. I have also seen a lot of HUD manufactured homes out there They are very common especially in the Panhandle. This makes sense to many Texans to go this route for a new home. Distance is the issue. I cant imagine now what it would cost to build a home from the ground up out in the country. Travel time, different sub-contractors, etc Time is money.

I would speak with your lender and let them try to resolve this matter. I can't give you any advice on the money you already spent, but it does seem on face that you have a legitimate issue. Spending $900 dollars deserves IMO better service and explanations. I certainly would not accept someone just throwing their hands up because they are frustrated.

"Hook'em Horns"

 

[jay trotta]

Many years back it would be easy to differentiate, stick built vs modular; today most offer custom interior choices, not so easy to define differences. Modular built in a factory, no exposure to the elements until the on site assembly; stick built is subject to the elements from start up. All require to be Code Compliant.

Don't know VA fee for the area, can't help there, I would look into it via the VA

 

[chad hampton]

I'm not a VA appraiser, but it's my understanding that when you are sent a VA appraisal, you MUST do it. IMO, a major (but maybe only) flaw in their system. So perhaps this appraiser should have declined the assignment, but wasn't permitted to. Maybe a VA appraiser can comment on that?

Do VA loans go through AMC's? VA has set fees. I'm not aware of any VA fee that is that high in the country. Surprised the VA allows vets to be taking advantage of like that - the way all other borrowers are.

In my market, I'd try to find a modular home, but that won't be easy. Then I would select stick built. I would not use manufactured homes.

 

[miktay]

$900 for an appraisal????

M.R., if this thing is out in the sticks and comps are tough (which many Manis are), I would sleep well at night quoting 9 bills for the report.

 

[EddieB]

Preface: I am not in Texas. The tag says "built to Texas building codes", so therefore I would lean to modular. The key has always been, "how would the market perceive this quality of construction" . Manufacturers of manuf/modular became very sneaky in those days to skirt the comparable issue. I remember those days well.

I recall many true modular homes (hopefully the OP understands that term) that were just glorified manufactured homes. Same floor plan, fixtures, cabinets, carpet and vinyl, siding, roofing material, etc as the manufactured homes coming off basically the same assembly line.

Someone can post fannie mae's verbiage but the fact is "how does the market react to this home". Maybe the OP can post some pictures of exterior and interior

 

[Michigan CG]

he said in his opinion they were the same and therefore appraised the same, that they were not built as good as a sight built home and do not hold or gain value. Everything I can find on this sight and others leads me to believe the opposite. So unless he changes his mind?? I have now paid 900$ for a aprraisal that I don't believe is correct, is there anything I can do to fight this?

The guy is an idiot and you got screwed paying $900.