Park Model On Property

[Meandering]

Park Model Homes: What You Need to Know | Park Model Homes South

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The Differences Between Manufactured Homes and Park Model Homes​

While park model RV homes can often appear to look like small manufactured homes, don’t be fooled. Park model RVs need to be titled and registered by law, just like any other recreational vehicle. Since they are small and meet RV standards, these homes are not required to be taxed and treated like a permanent home.

Are Park Model Home RVs Subject to HUD Standards?​

Technically, these homes are considered RVs and must be under 400 square feet in the United States. If they were to be built over these limits, they would be classified as a manufactured home and a new class of taxes and regulations would apply. A portion of their floorplans utilize slide-out or tip-out bays to help increase the available living space.


Even when these features are utilized, they are careful not to go over the set standards and specifications set by the law. You do, however, have options to widen or elongate a plan. Their engineers will work with you to create a home that meets your needs and also still qualifies as a recreational vehicle.


These trailers are designed to be ready for movement and remain on their axles and wheels at all times. Although they are not required to be built to HUD specifications since they are not considered to be a permanent dwelling, they do meet the codes set by the American National Standards Institute (ANSI) A119.5 Standard.



Yup
won't want certified residential appraisers to actually be able to identify residential real restate.

 

[Surf Cat]

Man.... that interior photo makes me want to dress like Buster Scruggs to walk in there...

 

[Terrel L. Shields]

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

OK start from the beginning. WHO IS THE ULTIMATE LENDER? If it is secondary market, then inform them that it is personal property and does not qualify for financing...and walk if they insist it does. The only real property is the lot.

But for a non-conforming, conventional loan from a bank lender (i.e.- an in-house community bank) then the IAG rules apply NOT FNMA or FHA.

To appraise this, you can use the NADA Manufactured Home book (on line value is available 1 shot for $30 or so) Value the lot and the two values for a cost approach. You should be able to find other similar sales and/or ones already sited. Do that approach too.

Weight the cost approach. In identifying the rights make sure they know it is PERSONAL PROPERTY sited on REAL PROPERTY ESTATE. I've done a lot of those. No problem with conventional lenders willing to lend on personal property. They file a UCC in addition to the deed for the lot.

If not hooked up, then a simple cost to cure adjustment is appropriate. Again, secondary market is not going to lend on this.

 

[sputnam]

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

There are too many 'it depends' in your post to give you a definitive answer. What is the assignment? Current as is market value of the real estate? If so, it's a land appraisal. Does the Client want the value of the land + the dwelling? Are you qualified to appraise personal property and land? Or... does the Client want to know the value of the property under the assumption that the dwelling is real estate?

 

[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

Is this the only struture on the property?I assumed it was a second building to a main dwelling,

If this is the only building on the site I would call lender and see if they want to proceed -

 

[Meandering]

Is this the only struture on the property?I assumed it was a second building to a main dwelling,

If this is the only building on the site I would call lender and see if they want to proceed -

The better question is:

"What is the minimum size dewelling allowed under the current zoning ordinance, and is the zoning ordinance in a process of changing, and how common is it for zoning waivers to be granted?''

You can sleep in a box, but just because you nail it to the ground, doesn't make it residential real estate subject to a loan.


.

 

[J Grant]

A park model as the only structure is different than it being a second structure on a lot with another dwelling present The OP post was vague and they never came back to respond to questions. Which happens a lot with these queries asking for help.

 

[Meandering]

maybe because CRs are supposed to have either the experience or the education to address the problem, and the OP quickly realized they were in over head, and quick little opinion answers weren't gonna help them?

 

[ZZGAMAZZ]

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.

Presume an assignment for a legal estate matter. The otherwise vacant 5-acre rural, residential parcel has a mobile home connected to septic, propane, and public water. Would the appraiser determine/report replacement cost of the personal property vehicle, and include that value in his OV?

 

[Terrel L. Shields]

The otherwise vacant 5-acre rural, residential parcel has a mobile home connected to septic, propane, and public water. Would the appraiser determine/report replacement cost of the personal property vehicle, and include that value in his OV?

Why not? You are simply defining the property attributes as personal property on real property. The value of the estate is still a "market value" or in the case of an estate better a "Fair Market Value". You need 3 land comps. You may or may not have 3 personal property comps but can develop the cost approach from NADA software. No step for a stepper.