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N.A.D.A. Seminar

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pgerarde

Thread Starter
Junior Member
Joined
Mar 5, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
:D I am considering taking a two day seminar that teaches the National Appraisal System by N.A.D.A. (basically appraising manufactured homes that would be considered "personal property"...)

I would be interested in any feedback from others who may have taken the course previously. Or even from others that considered the class but decided not to go in that direction....

Thanks, :D
Patti in Chino Valley
 

Paulette in Texas

Sophomore Member
Joined
Jan 24, 2002
Are you willing to spend the cash to take the course and then another $400-$600 for the software (computer) in order to produce a report like you ar eused to in whatever system you are currently using. If you are...go for it. The course is very informative and will teach you plenty. The main thing it teaches is how to "book" a mfg home. Regardless of what the box in the market is (all boxes are NOT the same) it will teach you how to appraise and how to adjust for variances in quality that you can take to the bank.

It will also enable you to go after a different market. It is up to you. As I remember, it was about $1,000 for Bob plus another $$200-$300 for me. We think it was well worth the money to have the knowledge and the software (purchased from others) in order to produce a quality product NADA for unit only appraisals. Just make dad gum shhhhhhure that you charge enough to break even after 2 appraisals. It is not high volume, but it is money making. You have to develop your own data culled from local dealers. You also though have to learn how to be smarter than they are and get the docs to support your value conclusions. It is all part of the territory. Good luck. Partins in Houston
go w...
Rotts rule and Shih tzus fine.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
I took the class over 2 years ago and am very glad that I did. It hasn't helped get any more business but, well worth it for the knowledge. I really like the software for the book value. I didn't buy the software for the personal property appraisal system.

Found that the MH lenders and dealers don't want someone that knows what they are doing. Maybe they will come around now that the rip-off artists are finding it harder to get those grossly inflated deals through.

Once you take this course, you will never do a MH the same way again. I have found that using the NADA software really hones it in. It really amazed me how well it worked for the Cost Approach and made the Sales Comparison come right into line. The age adjustment is much larger than I ever knew before the class and everything else makes more sense.

Let me know if you take it and I'll go through how I use it with you. The 2 days is just a beginning - the NADA book alone doesn't do much good.
 

rtubbs

Junior Member
Joined
Jan 15, 2002
I took the course about 4 years ago and have never appraised a mh using the n.a.d.a system. I always walk away with some knowledge from these type courses. However, I think they (Lincoln) mislead you into thinking that you can make big bucks appraising with their system-and you might be able to in locations that have a substantial number of mh parks. I don't subscribe to the n.a.d.a book but it is a good source to use (if you can get sufficient info about the unit you're appraising) as support for the cost approach using Marshall & Swift.
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
I echo Ron's comments. I enjoyed the class and learned a lot. I have yet to buy the books or the software because I have not had any requests for it. I have a lender that keeps looking for a company willing to do MH's and use the NADA method because of the lack of data in our area.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Way I fiqure it if I learn one thing that I didn't know before I've gained. As long as it CE credit for your state, it doesn't seem like it would be a boring class anyway. You gonna take the course in Phoenix?
 

pgerarde

Thread Starter
Junior Member
Joined
Mar 5, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
:D :D Many thanks to all of you for sharing your experiences. (sure is great ot have such a great support group....)

I am glad to hear that I will not look at appraising manufactured homes the same after the course. When I was in California I never did any appraising for these homes and to tell the truth, :? the few I have done since moving Arizona has made me feel a little uneasy.

Was not sure if it was because I had not done them in the past or if maybe I just knew that there was more to this type of appraising I should know. (And after reading your posts I am now sure it stems from a lack of knowledge that needs to be acquired...) The ones I have done here are considered real property but even with those, I noticed an uneasy feeling even though I have been appraising for over 14 years.

And you are right, no education is a waste...whether I go that direction or not.

And to Karl, yes. Both my husband and I will be taking the Phoenix course this month on June 22 & 23. If anyone else on the group is going to be there, let me know. It would nice to put a face with your names. :wink:

Thanks again to all.

Patti in Chino Valley :D
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
NADA is $150 annual / Software is $150 and far better deal, easy to use, book is slow and complex. Wwell worth it and far better than Boeckh or M & S books which are generic by class. NADA uses manf. and model name (if unavailable you can use supplemental guide)

Excellent way to lump sum MHs on other tracts. How many assignments I get with a relative in a MH - usually child or parent - needs included. And many economic farms have MHs for hired hands.

ter
in the Ozarks where Dobermans rule and Shih tzus are snacks
 

Tom McDowell

Member
Joined
Jan 19, 2003
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
North Carolina
:D I am considering taking a two day seminar that teaches the National Appraisal System by N.A.D.A. (basically appraising manufactured homes that would be considered "personal property"...)

I would be interested in any feedback from others who may have taken the course previously. Or even from others that considered the class but decided not to go in that direction....

Thanks, :D
Patti in Chino Valley
I took the NADA course and it was a good course. If you decide to do any of the mobile home appraisals then GET PAID AT THE DOOR! If you think mortgage brokers are sleazy wait till you work with mobile home dealers. Mobile Home dealers will not pay after they receive an appraisal. I have appraised mobile homes as personal property for attorneys and individuals to settle estates etc. Remember get paid up front.
 

Joe Sloan

Sophomore Member
Joined
Feb 17, 2002
Professional Status
Certified Residential Appraiser
State
Texas
I took the class. I enjoyed the hotel, and swapping trailer stories. Didn't get much out of it, but the CE counted for appraisal and broker licenses.
State of Texas offers a good course in Austin for RBI license. I actually learned more from that class than the NADA class.

Joe
 
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