No mfg home sales to support contract

[Vermonter]

we just got an order for a MFG home , NEW construction sale in a VERY rural area. within 8 miles radius (16 miles diameter) there were NO prior NEW construction mfg home sales.

contract price is $350k !!! (are you kidding me??)

highest mfg home sale in the nbd is 210k..... built 2011....

range of ages in this data set is 1995 to 2011....

my question: i know going into this that this appraisal will NEVER come close to the contract price. Do i inform the lender what the data is showing on my radar screen, or do i just accept the order and turn this in , and wait for the wrath that will follow??

I've gone much further than 16 miles for oddball comps of all classes but if you don't feel comfortable with the assignment, decline the order.

 

[Tom D]

we just got an order for a MFG home , NEW construction sale in a VERY rural area. within 8 miles radius (16 miles diameter) there were NO prior NEW construction mfg home sales.

highest mfg home sale in the nbd is 210k..... built 2011....

Why are you assuming that mfg homes aren't the same as new construction homes. i haven't seen any difference here, in quality or price wise. i do suppose in a rural area, there could be a cost saving having it built and delivered. ever work with contractors, you might want to shoot yourself?

and a 2011 sale of $210 wouldn't be worth $400 today?