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No more Comps

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LT3appr

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Freshman Member
Joined
Oct 2, 2007
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Licensed Appraiser
State
California
I did a manufactured home in Delano, Ca., 6 months ago. Only one M-home park in Delano.

My client is just getting the loan processed. The Lender wants new comps. There have been no sales since my report. If these are my only comps.

Do I update re-submit report with same opinion of value?
What sort of time adjustment is warranted if any?
 

Jerry Lieb

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Joined
Aug 14, 2004
Professional Status
Certified General Appraiser
State
California
LT3 -

You will have to determine, as best as you can, what has happened to manufactured home values since the date of your appraisal.

Even though there have been no sales in the specific MHP in Delano where your subject is located, you could investigate what is going on in other MHP's in your expanded area, say between Bakersfield and Visalia.

Don't simply assume that the value six months ago is still the same. We're in a strange market; most of the country is experiencing declines - but I have read elsewhere on this forum that manufactured homes in certain areas have actually increased. It will take some research on your part - for which you should be compensated.

Good luck,

Jerry
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Simply inform them that there are no new comps and you are not wasting time imagining that there are..
 

Lee in L.A.

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Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
. There have been no sales since my report.

What about listings? I'll take a wild guess there are listings below the (dated?) sales that exist. :shrug:

Plenty of them in my areas. :fiddle:
 

ZZGAMAZZ

Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
Possibly the lender wants additional comps because the original comps were non-fee-simple based upon their location in a mobil home park without land ownership?

Also it's possible that the Delano market is seasonal-sensitive because of the shifting population of migrant farm works.
 
Joined
Oct 22, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Six Months???

New report...reduced fee...value may or may NOT be the same...thats what the new fee is for - you get paid to research the market since then and decide on your OWN time adjustment...if any.

Remember...6 months ago (the effective date) was 6 months ago. That value was good for that day. They don't really want NEW COMPS now to support a 6 month old value...they know your market is most likely declining and now they want a NEW APPRAISAL WITH A NEW EFFECTIVE DATE...charge accordingly.


Just my .02

todd
 

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
The lending crisis pretty much started on July 31st with American Home Mortgage going down the tubes. A lot has happened in the past six months to most markets. You are right, many markets have not seen a sale since then, or very little activity, which points to value changes, some of them drastic. Sounds like a new full blown appraisal to me is what they need.
 

LT3appr

Thread Starter
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Professional Status
Licensed Appraiser
State
California
Thanks Ya'll

Very helpful comments. I now have direction....

LT3 Appriasers
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Did a reverse FHA on a HUD mfg house out in the country. Market search showed 7 HUD mfg sales in the market in the past 18 months. I included 4 of the closest and most relevant sales in the grid as well as 1 very relevant listing. Value at the lower end of the indicated value range due to over-supply and possible declining values.

UW won't accept two of the first 3 sales as they exceed 12 months even though I told them that there were no others. They insist on sales under 12 months even if I have to go out farther in a reasonable distance. The comps used were roughly 3,4,9 and 4 miles from the subject. Looks like it is carte blanch on distance with the distance guidelines suspended as long as you adhere to the date of sale guidelines.

I'll find the sales for them and add them to the mix. It won't change values because getting more than 10 miles out from the subject sees a fairly significant change in the market. And I think the value that I reported is what it is despite any new comps.
 

ZZGAMAZZ

Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
Here's my perspective on location: The buyer is moving to YYY from ZZZ 2,000 miles away. Unless there is something very compelling about the exact location of the subject--mom lives next door, it's within walking distance to a bar, etc.--there's little if any reason to buy property YYY rather than something with similar physical characteristics 1, 2, 3, 10 miles away. That can pertain to the high density urban city as well as the county. Of course a logical comp can't be overlooked in order to go further away to find an illogically higher value; but I find myself getting tied down to the immediate vicinity of the subject when my perspective might not mirrow that of a typical buyer....(IMOHNO).
 
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