Park Model On Property

[Sapphire4214]

Just received an order for a SFR with a 2017 Park Model Modular on the property which conveys. I am copying and pasting the MLS description for you to decide yourself:

"2017 Park Model has a title and still has wheels and axle underneath. Buyer could have Park Model permanent & retire title - permits would have to be obtained and hooked to water and a septic."

How do you go about appraising what one would consider personal property that conveys with no prior taxes being paid or permitted (which by the way I do not think would be allowed since the Septic was only approved for a 3 bedroom which is what the subject already possesses. Trying to decide if this has Cluster written over it and should send it back to the AMC OR take it on and help pay for more CE courses and MLS fees needed to keep appraising in the first place

 

[Meandering]

Run Forest Run

find better clients

 

[TerryRohrer]

It is just a large model of an RV, basically. I would tend to never treat is as real proprty.

 

[J Grant]

Just received an order for a SFR with a 2017 Park Model Modular on the property which conveys. I am copying and pasting the MLS description for you to decide yourself:

"2017 Park Model has a title and still has wheels and axle underneath. Buyer could have Park Model permanent & retire title - permits would have to be obtained and hooked to water and a septic."

How do you go about appraising what one would consider personal property that conveys with no prior taxes being paid or permitted (which by the way I do not think would be allowed since the Septic was only approved for a 3 bedroom which is what the subject already possesses. Trying to decide if this has Cluster written over it and should send it back to the AMC OR take it on and help pay for more CE courses and MLS fees needed to keep appraising in the first place

If the fee is good and a good client, keep it. For a lousy fee, ask for more due to complexity or give it back

But fee aside, it is a matter of competence. Imo, putting aside the axle and wheels , it is now attached to the site with a deck and a carport. It is pretty nice looking inside, and seems to function as an illegal ADU (which FF allows, just need another two illegal ADU comps, good luck finding them ) or , given the septic issues, it could be compared for contributory value to a shed, detached garage, another outbuilding.

Imo it has some value, the issue being of how much and what support there is for it. I would not predicate the value of obtaining future permits or title. It is on the property now and conveying, it is attached, it is useable, and that is the value I see in it

 

[Meandering]

, and seems to function as an illegal ADU (which FF allows, just need another two illegal ADU comps, good luck finding them )

permits would have to be obtained and hooked to water and a septic."

It is only "functioning" as a she shed, not as an ADU, legal or not, if it has no water or waste removal.

It is personal property, and a licensed vehicle appraiser could appraise it, as a vehicle, but a real estate appraiser can not.

The land beneath it has value, as it belongs to the lot that supports the SFR.

But of course, the owners are gonna want to see at least what they paid for it, boosting the value of the overall property.

Run forest, run.

.

 

[Surf Cat]

Make it "subject to" and use their engagement letter lingo...

Park Model permanent & retire title - permits would have to be obtained and hooked to water and a septic."

 

[J Grant]

It is only "functioning" as a she shed, not as an ADU, legal or not, if it has no water or waste removal.

It is personal property, and a licensed vehicle appraiser could appraise it, as a vehicle, but a real estate appraiser can not.

The land beneath it has value, as it belongs to the lot that supports the SFR.

But of course, the owners are gonna want to see at least what they paid for it, boosting the value of the overall property.

Run forest, run.

.

Is a shed or outbuilding personal property?

It is affixed to the land. Forget about the axle and wheels, or the possibility of title etc.

Without all that, it is a functional useable structure on the site. That is how I see it. It would be difficult to remove, which is not the case with personal property which should be easy to remove because it is not affixed to the land.

 

[Meandering]

Is a shed or outbuilding personal property?

It is affixed to the land. Forget about the axle and wheels, or the possibility of title etc.

Without all that, it is a functional useable structure on the site. That is how I see it. It would be difficult to remove, which is not the case with personal property which should be easy to remove because it is not affixed to the land.

A shed does not have a vehicle title. an RV does

If it still has wheels on, it is not "affixed to the land", nothing to forget, it is what it is.

It is not a structure on-site, and if occupied, could possibly be an illegal use, depending upon the zoning.

But a vehicle, with a vehicle title, registered with the state, is not real estate, so let's look at the required HCs, okay?

1. concert foundation poured
2. vehicle wheels removed and permantely mounted to the foundation, with engineering certs that the mounting passess FHA requirements.
3 well dug and producing, or, application and hook up to existing water lines
4 Septic approval, and installed, , or existing house septic approved for expansion
5. Notification of additional unit on property to the tax assessor's ofrfice, raising the taxes, and approval by the zoning office with all their required inspections.

Once everything is completed it is then real estate, to make the HCs credible.

Now what is the time line and the costs to get there?


.

 

[Meandering]

Oh and let's not forget the certifications that it has not been previously moved, so that the statement can be made that it would qualify for VA and FHA loans, cause F&F don't care if it goes to Florida every other year, but would still be hanging around if the property got foreclosed.

 

[gregb]

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