NADA sent letter out from FHA

[Terrel L. Shields]

Bulletin 7/08 - Title I appraisals reports that repossessed Manf. homes require a re-appraisal and if the claims examiner finds a serious discrepancy between the appraisals, the claim may be denied.

The letter reminds lenders that they must supply the repossession appraiser with a copy of the manufacturer's invoice on the loan of a new unit as per letter 437 dated Jan. 29, 1996. The letter suggests that the repossession appraiser be provided with a copy of the original appraisal.

 

[Pamela Crowley (Florida)]

Rut-roh! Methinks some incompetent manufacured homes dealers favorite appraisers are about to get into big trouble.

 

[RSW]

Rut-roh! Methinks some incompetent manufacured homes dealers favorite appraisers are about to get into big trouble.

That is going to get a lot of appraisers in big trouble here in East Tennessee. The days may be gone for the "Good Ole Boys!"

 

[Lobo Fan]

At one point, the #1 complainer to our state board was the FHA and the primary properties were land/home deals from manufacturers. I have one area where Palm Harbor set up $60,000 MH on $1500 lots and were selling them for $120,000. They were putting them in the MLS as resales even though they were new land/home deals.

Now there are dozens of REOs not only in the immediate development but in nearby areas as well. Those bad comps spilled over to nearby neighborhoods. For those with access to the ABQ MLS look at MH sales on 25th and 26th streets in Rio Ranchp, starting about mid-2003 through 2005. They were loaded up as resales into the MLS even though they wre new land/home deals. This way they could get around the FHA ban on using land/home deals as comps.

Ugly stuff. I still refuse to do any Palm Harbor deals.

 

[Sherrie]

Here's the full bulletin in case anyone needs it:

http://images.nadaguides.com/MH/Bulletin_2008_07.PDF