No Mo Moho's For Me

[Jeff Horton]

I have been doing some soul searching and reading the our Boards Epistle on Manf. Homes. I have about decide that it's not worth the hassle and I that I am not going to do anymore till they change the rules.

As I read it, and its confusing to me, if a MoHo doesn't have a permanent foundation it had to be appraised by NADA. In order to be a permanent foundation it must meet HUD guidelines. Unless the MoHo sold with FHA financing they are not installed that way. They simply stack blocks on undisturbed soil and use shims to level it. Then install tie downs. Probably 95% of our MoHo's have to be appraised by NADA.

I trained in NADA appraisal 3(?) years ago and have yet to do one. No one accepts NADA appraisals. Obviously some appraisers are still doing them on the URAR's but I have a feeling the state would nail their hide to the barn if the report ended up before them.

While I think the state rules are excessive I still have to abide by them. I had a dealer ask me to do work for them a couple of days ago. I looked into the matter and have discovered these dealers are about as bad as the Loan Officers at pushing the appraiser to hit value. Plus there is virtually no data on sales despite their popularity. Plus the foundation issue.

So I guess I have done my last MoHo.

 

[Bobby Bucks]

Jeff never say never.....why not just never do another MH sale or refi? There will be plenty of REO MHs in the years to come.....no value pressure and no worrying about those missing data plates. The undertaker gets the last laugh.

 

[Mountain Man]

The undertaker gets the last laugh.

:rofl:

 

[Caterina Platt]

Jeff,

You've got the right feeling in general about most of the dealers, except----they are worse than most mortgage brokers. Far worse, run my Son, run...

I will not work for the dealerships, nope, nope, nope! Resales are not bad, refis are typically pipe dreams with my market. 'You think it's worth what???'

Bobby is right, REO's are king! There's gold on them thar wheels my friend. Even after the running gear's all gone.

 

[Pamela Crowley (Florida)]

had a dealer ask me to do work for them a couple of days ago. I looked into the matter and have discovered these dealers are about as bad as the Loan Officers at pushing the appraiser to hit value.

As with Cat's answer, the MH dealers make the worst LOs look and sound good!

I'm thinking about taking the NADA class again. I know there are many non-real estate appraisers are taking it, but so what. Those that are REAs and have the NADA class and the NADA software will get the orders at a high fee.... I hope.

 

[Jeff Horton]

Originally posted by Bobby Bucks@Jul 9 2003, 08:45 PM
There will be plenty of REO MHs in the years to come.....no value pressure and no worrying about those missing data plates. The undertaker gets the last laugh.

I agree Bobby and as you know I have been trying to build my REO business. But with the MoHo's I still have to abide by the States rules on permanent foundations. Meaning that the 90-95% of them must be appraised by NADA. And I have yet to find anyone that is taking NADA appraisals.

Pam, you may have a better market for NADA than we do. We have plenty of double wides around but darned if I know who finances them. I guess the banks. The Mortgage Co. I have dealt with can't seem to do them. Plus there are appraisers around willing to use land home packages and ignore the foundation requirements and appraise them as Real Estate.

Unless the State hangs a few appraisers hides on the bard for display or changes the rules on foundations I don't think I will be doing anymore. I can't see the investment in NADA software and books as being worth it with no demand for them.

 

[Restrain]

I'm with Cat - NO new mfg homes. I've turned down brokers - wasn't worth either my time or my license. Wanted $125,000-$145,000, say $80,000-$85,000. I'm doing reviews on 3 year old mfg home appraisals for Fannie/Freddie. There's some appraisers that are going to get it in the neck for making up sales, bad adjustments, ignoring sales that are in immediate proximity while going 20 miles away for sales.

As to a permanent foundation, I've always found it amazing that we have homes on bois d'arc posts that are acceptable to HUD but a mobile on blocks is not. Mfg homes are on much heavier foundations than many homes built prior to 1950.

Oh, well. I don't make the rules, I just figure out a way around them.

Roger