Need NADA Info Please

[Susan Klimaszewski]

This is the 1st manufactured home I've done since 2004 (thanks alot Ocwen) and I need the current Grey, White and Yellow Page Numbers from the NADA. My book is from 2004 which is to say the least, dated.

It is an Oakwood Series 1000, Model 1082 Double Wide, 32x48
(16x48 per) built in 2000. WS Region.

Thanks for any help!

 

[CANative]

How are just the page numbers going to help you if you don't have current cost tables?

You "could" go to www.swiftestimator.com and for $8.00 do a quick cost approach using the manufactured home style. You just have to rate the quality whereas NADA is model specific. I could give you the NADA quality rating.

 

[Susan Klimaszewski]

I am using marshall and swift for the cost approach but the cost approach asks for Other Data Identification which indicates NADA supplied page numbers. Is this not the correct way to do it if you are using Marshall and Swift?

 

[Mr Rex]

You do either or, you don't have to do both. FWIW, I stopped using NADA when I stopped doing new manufactured homes. NADA does a poor job with depreciation IMO unless nearly new.

 

[Susan Klimaszewski]

So I only have to use M+S and do not have to fill in the "Other Data Identification" section? I soooooo thought I was done having to do manufactured homes ever again.

Thanks!

 

[CANative]

That's true Rex. But you can adjust the depreciation by condition modifiers and changing the accessories, options and components to newer years (if the conditiona and updating indicate that is the case) The other problem with NADA is that the quality rating goes down with the age of the home. For instance, Susan's home was yellow chart page 300 when new but now that it is 7 years old the yellow chart page is 311 or 312 (depending on CD or book) 300 yellow chart is Standard Quality, Class III Low. But yellow chart page 312 is Economy Quality, High Class I. The difference when converted to "FNMA/FHLMC" is Average to Fair. But the quality (when built did not change)

Susan.. Per NADA the Oakwood Series 1000 built by Oakwood was of the lower end of the Average quality construction range.

Like Rex said: One source or the other; fill in the cells as appropriate for the data source you're using.

 

[Susan Klimaszewski]

Thank you all. As always, I appreciate the help! Now to just find comps. Out of 113 sales, 71 are REO's which is ok because this is an Ocwen, but NONE of them are on acreage even remotely similar to mine unless they are 2100 sq ft and mine is only 1449 sq ft. This is going to be ugly.

 

[Carnivore]

Susan,

The NADA books cost $100 dollars a year. Thats it! You get three issues.

It would be a good idea for you to subscribe and learn how to use them.

 

[Susan Klimaszewski]

The NADA books cost $100 dollars a year. Thats it! You get three issues.

It would be a good idea for you to subscribe and learn how to use them.

For crying out loud Picarsic, I have NADA books up until 2004 when my office stopped doing manufactured homes. Nothing I said indicated that I had never subscribed or didn't know how to use them. I prefer to use M&S for manufactured homes but had to have NADA in the past since some lenders insisted on it. Ocwen doesn't, so why should I re-subscribe for 1 job in the past 3 years for a client that doesn't insist on NADA?

My only confusion was the cost approach form asking for "Other Data Identification" with spaces to supply the appropriate page number for NADA.

 

[Carnivore]

I'm sorry! Since others provide additional information about NADA, I misunderstood your question or what you wanted!