Modular Home Appraisal

[Weslide]

We are looking at buying a modular home. When I first looked at it I had my concerns about financing, I did as much research as possible and from what I could gather they were basically the same as a stick built home. And would appraise and finance as such. We put in our offer and waited for aprraisal, here lies my problem, 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. 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? Thank you

 

[JTip]

Do you know the technical difference between 'modular' and 'manufactured'?

 

[EddieB]

You paid $900 for an appraisal?

 

[Weslide]

From what i gather, modular is built in factory, transported and put together on sight, it is built to county or state building codes and inspected during the build, no frame, no vin number, like a manufactured home and its not left on the frame rails like a manufactured home, or built to only HUD specs like a manufactured home, and yes 900$for aprraisal

 

[Meandering]

We are looking at buying a modular home. When I first looked at it I had my concerns about financing, I did as much research as possible and from what I could gather they were basically the same as a stick built home. And would appraise and finance as such. We put in our offer and waited for aprraisal, here lies my problem, 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. 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? Thank you

Is this house built on a metal frame or a wood frame?

$900 for an appraisal????

.

 

[Meandering]

Get a new lender and demand your money back

 

[Carnivore]

So I looked at texas laws pertaining to manufactured home and modular homes. What I found was Texas law/regulations differentiate between the two. One has HUD Stamps/identifiers...the other; modular is considered the same as site built(stick built) homes. In NC we have a state stmap indicating the structure is modular. I could not find something similar for Texas.

"The primary differences between an industrialized (modular) home and a manufactured home are: the codes to which the homes are built. Modular housing in the State of Texas is constructed to the same codes as site built housing. Manufactured housing is constructed to Federal HUD code standards"

This is a pretty good site to learn something about your situation and being able to explain to the appraiser your concerns. So you have or can get some documentation from the place your buying the modular from to give to the appraiser. The sales office will probably more than helpful.

https://www.tdlr.texas.gov/ihb/beforebuying.htm

Good Luck.

 

[Weslide]

Is this house built on a metal frame or a wood frame?

$900 for an appraisal????

.

Wood frame and yes 900$ I thought that was outrageous also but they Saud that's the going rate for VA appraisal

 

[Weslide]

So I looked at texas laws pertaining to manufactured home and modular homes. What I found was Texas law/regulations differentiate between the two. One has HUD Stamps/identifiers...the other; modular is considered the same as site built(stick built) homes. In NC we have a state stmap indicating the structure is modular. I could not find something similar for Texas.

"The primary differences between an industrialized (modular) home and a manufactured home are: the codes to which the homes are built. Modular housing in the State of Texas is constructed to the same codes as site built housing. Manufactured housing is constructed to Federal HUD code standards"

This is a pretty good site to learn something about your situation and being able to explain to the appraiser your concerns. So you have or can get some documentation from the place your buying the modular from to give to the appraiser. The sales office will probably more than helpful.

https://www.tdlr.texas.gov/ihb/beforebuying.htm

Good Luck.

this is under the sink, the lower right corner has some kind of Texas state stamp? Any ideas

 

[Terrel L. Shields]

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
.