New MH on owner's site

[Terrel L. Shields]

however I told them the only way I could do that was subject to separating the deed. Do you think I was correct? Thanks

I think USPAP only requires us to "identify" the property, so the deed is not required, handy but not required. It can be a part of the deed and be identified. I see lots of properties on multiple lots, some separable (excess) and some not (surplus). However, your results may vary with FHA or FNMA. They may require something USPAP doesn't. And USPAP does not require a "deed" to identify a parcel being valued.

• Method of Identification:
  The appraiser must clearly state the method used to identify the subject property, such as a specific address, description, or other relevant identifiers.
• Identify the characteristics of the property that are relevant to the type and definition of value and intended use of the appraisal, including:
  
  (i) sufficient characteristics to establish the identity [emphasis added] of the item including the method of identification.
• 
  
• NOTHING IS SAID ABOUT A DEED

There is no real estate sales contract.

The reality is that is correct. But the lender still wants what they want and either you comply or back off the assignment, right? In my home state, a MH on a lot is "real property". In Oklahoma, they have a process of "surrendering title" to make it real property. If it has a tag like a car tag, it's personal property. And even then, it's clear as mud HOW it gets treated. I find tax parcel cards with no description of the Manf home (personal property) and some where it is explicitly measured, identified and aged.

 

[Tom D]

Well, technically there is a sale. The manufactory sold a mh to this buyer for $xx amount of dollars. who owns a piece of ground. Can you put that wording under describe agreement of sale. You have the specific request from the lender for your work file, to explain that section delusion . You have said there is a sale of a mf house, but not no agreement of sale for the whole project. Just trying to figure a work around without being misleading.

Now we haven't heard from the poster, which is truly rude, as to how it turned out. Always happy to ask our help, but few posters give us the conclusion. We can argue here back and forth, but sometimes it seems worthless in not knowing how it turned out, so we can learn something.

 

[Zoe]

The problem lies in the real property rights described in the sales contract section. You can't buy something you already own. If the owner sold it to the seller and then bought the MH and site together, it would be different.

MV definition is very unique. It is not lending value or any other value definition. It is MV.

This reviewer would give up with me and say okay. Do it. I need a value on this property to do a loan on it.