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NADA Moblie Home Appraising

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Jeff Horton

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
About a year or so ago I took the NADA mobile home appraising class and got approved to do these type appraisals. Mobile homes are common in our area but having inquired with some of the lenders only one, Union Planters Bank, was even familiar with them. I have not invested in the software or the manuals yet and uncertain if I should.

Are there any NADA appraisers on here? If so what has been you experience?
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I always use the NADA for the Cost Approach in Manufactured appraisals. I think it more accurately reflects the actual cost of these magnificent structures. Doesn't HUD require the use of the NADA guide in the Cost Approach?
 
A

Anonymous

Guest
I use the NADA book, too. Best way to justify MH sales. Too many of these are inflated and currently most lenders are bailing out of MH financing, which makes it a nightmare. I use the Software program and is worth it if you do many rural properties with Manf Homes whether on the HUD list or not.
Ter Shield
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Terrel,

I use the software program too. Ever have trouble ascertaining the "Model Name" required for the program? It's not on the title, and the only usefull info listed on the manufacturer's label is the Manufacturer's name & address, date of manufacture, serial numbers, and model NUMBER, not name. I had to call a manufacturer in Mississippi Friday to get a model name. They (manufacturers) are usually always glad to help, but it really is a hassle. I wish the program would allow entry of model numbers instead of names.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
No, HUD does not require NADA for manufactured homes appraised as real property. NADA is only requird for manufactured homes appraised as personal property and no land or real property is involved.

And don't forget to require on the VC sheet an inspection of the existing foundation or foundation after it is completed by a licensed engineer for all manufactured homes, new and existing.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida

About a year or so ago I took the NADA mobile home appraising class and got approved to do these type appraisals. Mobile homes are common in our area but having inquired with some of the lenders only one, Union Planters Bank, was even familiar with them. I have not invested in the software or the manuals yet and uncertain if I should.

Are there any NADA appraisers on here? If so what has been you experience?
Jeff,

I took the course 2 years ago and did some marketing. It seems that the manufactured home lenders and the dealers don't want someone that actually knows what they're doing. I'm very glad that I took the course, I do subscribe to the NADA software, really like it and use it for every manufactured home appraisal I do. I feel that taking this course and using NADA makes the appraisal better and once you do a few it will be easier and much more accurate. Adjustments are much more accurate. You do need to write down all information from the inside label and call the manufacturer to find out what model 'name' matches the model number. They are usually very helpful.

Does it pay for itself? Not really in money. In the supportable qualilty of your appraisal and report? YES
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Jeff
We learned the hard way buying loans on MH’s. Appraisals on new units coming in over 100k then selling in REO in the 50’s to 60’s. What we found to work ok is the NADA book values. It takes some going back and forth in the manual to get it right. The work sheet they provide helps a lot. I haven’t tried the software version yet but would consider it knowing the paper version seems to work . The other method that works and supports the book value is active listings less 6-10%.. Unfortunately appraisals on MH’s have little to no credibility anymore.
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
The realistic appraisers 8) do the REO jobs. :lol:
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Yep, I did some REO jobs but, they didn't want to pay a reasonable fee so I don't get those anymore either. My 'motto' is: 'When Quality Counts'.
 
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