Originally manufactured now brick with additions

[CherryTree]

I recently inspected a property that from the street appears to be like any brick ranch. The exterior is entirely brick. The property contains a 2 car attached garage as well. Upon beginning the report I noticed the tax office had data that this property was originally a manufactured home in 1977. The once manufactured home is now entirely brick on a raised foundation typical of any site built residence, it contains a 2 car attached garage and a site built addition on the rear which was added in 1988. My question is, "What type of comps do I use?" Anybody who looks at this property would see a typical 30+ year old 100% brick 1 story home in average condition. I've never seen a mobile home with an attached garage and considering the site built addition on the rear why would I not use the most similar site built comparables that I can find? The interior is just average, nothing special, slightly dated. The interior of the addition is similar to the rest of the property.

The bank says once a mobile home always a mobile home and that the appraisal has to be done on a 1004C which I believe to be wrong. I believe FNMA allows site built comps if that is what is most similar. But the bank underwriter says FNMA requires mobile home comps for mobile home subject's no matter what the circumstances. I say that's wrong. I have selected basic/average quality site built residences of similar age and I have made quality adjustments where necessary which result in the subject being slightly inferior to 3 of the 4 comps in my report. Opinions?? Advice??

 

[Mr Rex]

Its a manufactured home. 1004C.

 

[ddnma]

once a mobile, always a wobbly box

 

[CherryTree]

I've read some other posts here. I guess my problem is with the comps. I understand the once a mobile home always a mobile home part, which is one reason I don't mess with these things, ever. The lender called me on the phone and asked if I would accept this order. I said yes as it's in my area and the tax photo I saw online looked like any other property.

I used to appraise mobile homes using the NADA data on the 1004C form. I quit doing them because even when done correctly no one is ever happy with the result and the chances of getting zero payment for a lot of work was high. I should have told the bank to send this to someone else as soon as I got proof of it once being manufactured.

Any other opinions on comp selection are appreciated.

 

[ddnma]

I would use both existing wobbly boxes and the most similar sales you can find.

 

[Tim Hicks (Texas)]

You can brick a dog house and it is still a dog house. What was the cost to brick this home? I doubt the upgraded siding would be dollar for dollar. The point is that it was built as a manufactured home and all construction has not been replaced. It is just a dressed up manufactured home. Use manufactured home sales and adjust accordingly. Amazingly, we hare 2-3 of these type sales every year. Have you bothered to check your market?

 

[Mr Rex]

At least 2 must be manufactured, I would include at least 3 or more. You can use site built or modulars as additionals. Don't try to turn a pigs ear into a silk purse. It is what it is and what it started out as.

 

[Jo Ann Meyer Stratton]

Is the original manufactured home still inside the walls? Or did they remove the original framing, roof trusses, interior walls, plumbing, cabinets, etc? If they didn't remove any of the manufactured home structure it is still a manufactured that would be reported on the 1004C. As far as comparables are concerned what would a typical buyer of the property consider as substitutes? That might be other manufactured homes that have had renovations, other manufactured homes as is or similar site built homes or a combination of all of those types. If you were a buyer out shopping for a similar home--what would you and other typical prospective buyers be looking at?

 

[Caterina Platt]

Cherry,

Jo Ann's our resident manufactured specialist. She will not mislead you. :new_smile-l:


I have a small bit more to offer. Think of it this way, if you bought it thinking it was site built, then found out otherwise, would you feel cheated?

They don't finance or insure the same way a site built does, and for those reasons, if no other, you should not appraise it as anything else than what it is....a manufactured with a build on. I can't get true replacement value insurance policies, and I can't do a second mortgage on a home because its a manufactured. Functions a bit differently(inferior) in those aspects, and can't be considered apples to apples with site builts.

I have an awesome comp that just sold here, but there's going to be a distance problem.

 

[Carol Ames]

Caterina

I agree, I have so much respect for Jo Ann. Not only is she very knowledgeable but a really neat lady. I also like your comments.

A couple of years ago I had an appraisal for a sale of a home. From the outside it looked like a site built home. My order was for a 1004. The Realtor that had the property listed had originally sold it to this seller as a site built home. Their loan at the time was on a site built home. When I inspected the inside I asked if it was manufactured of course they were insulted and I was assured it was not but there was what I felt was a marriage line. You know how it is when you do a lot of these things you sort of get a sense of them. I told them I would have to look under the house. Sure enough there was the frame. Since it was difficult to gain access to the underside no one had looked. The lender for this sale did not do manufactured homes the buyer was upset, felt they had been lied to and walked. It did sell several months later for less.