Modular vs. Manufactured

[Flakey]

I've used a combination of site built and manuf. comps on a 1004 for a modular before. It was for lending and had no problems with Fannie. Just say what you did and why.

 

[Dublin ohio]

I've used a combination of site built and manuf. comps on a 1004 for a modular before. It was for lending and had no problems with Fannie. Just say what you did and why.

Which is fine. Did you compare the stick built and manufactured as equals?

 

[Flakey]

Nope, took a quality adjustment based on market between manufactured and site built sales of similar age, size and condition adjusted for amenities. Cost and estimated life were pretty close. Site built comps were basic spec homes. Actually, worked out.

 

[BRCJR]

Use both similar quality site-built dwellings and, if need be, use similar quality manufactured dwellings.
Looking at the undercarriage, and the support installed, it may be equal (more similar) to a higher end manufactured or lower end site built.
By using both, if available, you will capture the quality conditions.

Disclaimer: This is an opinion sight unseen of the subject.

 

[Zoe]

I was contacted by a homeowner who recently purchased a home that was represented as site-built. It turns out it is a modular home built on two steel beams, more similar to a manufactured home. My question is this: Given that it is a modular home built on steel beams rather than a more traditional joist construction, would it be more appropriate to use comps that are site-built on slab or P&B foundations, or manufactured homes with a similar steel beam support (there are no other modular homes in the market area)? Any insights would be appreciated. FYI, the homeowner is suing the seller of the home, who is a Realtor.

step 1. Why are they suing? Was the home advertised as site built instead of modular or manufactured home?

Too complex. I have seen a manufactured home on a million dollar lot on like Pickwick lake or Kentucky Lake in TN. I guess I am wondering why the homeowner is suing the realtor.

 

[billo]

step 1. Why are they suing? Was the home advertised as site built instead of modular or manufactured home?

Too complex. I have seen a manufactured home on a million dollar lot on like Pickwick lake or Kentucky Lake in TN. I guess I am wondering why the homeowner is suing the realtor.

The owner is suing the Realtor because the Realtor was also the original owner of the home (representing herself), who had it built, and she did not represent it as a modular home. There was an appraisal, but not a bank appraisal, only GP, as this was a cash deal. The appraiser also did not identify it as modular. And this is built in a very exclusive gated neighborhood. I think the suggestion to compare it to higher-end manufactured and lower-end site-built is probably the way to go.