Pre 76' mobile with addition.FHA

[nachocheesefries]

just the facts...

Closeout Reverse Mortgage (FHA) with a 1968 manufactured home built into the center. Tongue and undercarriage still in place (under house) but wheels and axles have been removed.

Taxed as real estate (deed says "lot blah blah")...Assessor confirms that it was converted to real estate sometime in the past.

Obviously, this should NEVER have qualified for an FHA appraisal but my client doesn't care about that so much (beyond a simple insurability statement). They need to know the value of the property, "as is".

Is it OK to use a 1004C and just compare the damn thing to whatever I can find? Other mobiles, manufactureds, cabins, etc?

I read a couple threads saying NOT to use the 1004C but once a manufactured...always a manufactured, right?

 

[RSW]

Pre-1976 would be a mobile home and not a mfg home. The 1004c sould not be used. Use the 1004 URAR.

 

[nachocheesefries]

Where did you get that information? Is there a publication somewhere. IMO...a mobile built prior to 1976 is still technically a manufactured home, it just doesn't conform to HUD guidelines, etc.?

 

[RSW]

http://portal.HUD.gov/hudportal/HUD?src=/program_offices/housing/ramh/mhs/FAQ

 

[CANative]

Sean... this is one of those "nightmare" properties you've heard so much about. A true "Frankentrailer."

Not only is it not a HUD code MH but it's been highly altered/modified and probably not with the correct engineering plans and permits from the State agency that administers the Manufactured Home program. There is a section in the 4150.2 MH appendix that discusses altering manufactured homes.

You're not going to find comps of modified/altered mobile homes. Well, you might, but it's going to be a real hassle. Nothing else is really comparable for several reasons.

If you decided to do this you need to drive the process and not let your client talk you into using current Fannie/Freddie lending forms.

 

[nachocheesefries]

http://portal.HUD.gov/hudportal/HUD?src=/program_offices/housing/ramh/mhs/FAQ

I read that page and it doesn't say anything about the correct appraisal form...

 

[nachocheesefries]

I call an appraiser at the Denver HOC and he doesn't even know what to do. He said he would look into it and call me back.

 

[RSW]

I read that page and it doesn't say anything about the correct appraisal form...

Fannie Mae says the 1004c is to be used only for manufactured homes. I don't have the direct source but it came out when they created the new Forms in 2005. There was an instruction guide published by Fannie. I no longer have a copy of it. Maybe some other member of the AF has one.

 

[Sherrie]

Sean,

The home was built before June 15, 1976, therefore it is not, by definition, a "manufactured home". I understand why you feel it is "technically" a manufactured home but it is not. Because it is not a manufactured home by definition, you should not use the 1004c; as Fannie Mae states the 1004c is only for manufactured homes. This is the reason other posters are directing you to the 1004 URAR.

As for a reference, Fannie Mae Announcement 07-06 offers clarification on property types that are eligible as a manufactured home, referencing Selling Guide Part XI, property and appraisal guidelines, Section 304.01, Manufactured Homes, A. Property Eligibility. (Sorry, I have not posted enough in the past to add a link to this posting.)

Hope this helps some.

 

[Mr Rex]

Since this is a Reverse Close out, the original appraiser FUBARed this puppy as it never was eligible for FHA financing to start with. Lender buy back and appraiser's E&O in play big time.