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Newer Manufactured home with old comps

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I have seen many manufactured homes where they are not like 40 year old manufactured homes.

Their finish is very high end. They save money on construction because labor is less expensive than stick built but they are built very close to stick built on quality.

Still I say cost approach in your situation is more important than sales comparision approach.

That is me personally.
That is what I'm trying to say. You can paint and do carpet and even reroof, but you paint thin vinyl wall board the homses have very little insulation,.. Outlets just pop out of the walls because they're not even in the studs lol. I know, I rented one many many years ago.

I am hoping they at least consider cost basis to some degree. I provided the manufacturer spec sheet, maybe that will help.
 
To clarify, I only looked at other manufactured... But if the median overall home value for the county was noticeably higher, I adjusted for that.

Say a similar home sold for 325k in an area where median homes go for 50k more than where I live...I tried to account for that. Definitely not comparing to stick built median . Just adjusting for the area as best as possible.
That's good. It always depends on the client/lender's requirements. They don't like big adjustments. I feel your pain about the trailer hitch and eaves added to the county measurements. I always find the model trade name and look it up on the Dealer's website, but the old ones are tough. Some agents don't list them as manufactured in MLS so I run everything in the price range with similar acreage in the county and look at pictures to see if I missed one that was not classified correctly. I took an manufactured housing class that gave us the "Freddie Mac" quality classification as far as finish and I put the page in the report. I also do a cost approach. If you gave them the spec with all the perimater foundation details, that should really help. Installation is so expensive on the initial set up and hook-ups. The first one was probably just the cheapest appraiser. The $100 a year difference adjustment? Crazy. Good luck!
 
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I would place a bunch of weight on the properties surrounding you.

I would not use them in sales comp approach and would give sales comp approach little weight.

I would hang my hat on cost approach.

That's me.
 
Just because FHA guarantees a loan, a bank don't have to sell it to a GSE. Make note of that.

A good question to your banker would be can FHA guarantee this loan based primarily on cost approach?

You seem like a very intelligent person.

I already know the answer to the question I want you to ask your banker.

Yes, FHA can guarantee the loan with a bank with the appraiser putting most of their weight on cost approach.
 
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You have what is called principle of progression with many higher priced single family homes right around you (I assume).

The higher priced homes tend to pull your property value up.
 
I would place a bunch of weight on the properties surrounding you.

I would not use them in sales comp approach and would give sales comp approach little weight.

I would hang my hat on cost approach.

That's me.
I would do the exact opposite. I would use Cost Approach for support of the market value and make sure I had not only the home, but the new shop and the 6 acres valued correctly, but I would place more weight on the sales approach. I would give no consideration to say, new brick homes around it in a higher price range, except to examine land values in the area. It doesn't hurt the value, certainly, but those are two different types of properties. The same buyer is not qualified for the $400,000+ homes. There's a reason the manufacturered home form has a place for only the market prices (high, low, average) of manufactured housing only.
 
I would do the exact opposite. I would use Cost Approach for support of the market value and make sure I had not only the home, but the new shop and the 6 acres valued correctly, but I would place more weight on the sales approach. I would give no consideration to say, new brick homes around it in a higher price range, except to examine land values in the area. It doesn't hurt the value, certainly, but those are two different types of properties. The same buyer is not qualified for the $400,000+ homes. There's a reason the manufacturered home form has a place for only the market prices (high, low, average) of manufactured housing only.
Okay, but your sales are very weak. Like a limp noodle. Yes on land value on the stick built.

If you incorporated cost in SC approach, it would help based on a recognized source. Like manufactured homes have recognized sources on cost/depreciation. Similar to a car in some ways.
 
$100 ? Idk where that came from.
 
For all I know the house is worth $265,000. Put it on market for $285,000.
 
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