Prefab. Home(I think)?-what to compare it to?

[Pamela Crowley (Florida)]

It is not on a steel frame underneath but wood, has a concrete foundation and is well insulated.

99.9% of the time this is a modular. Many modulars can look just like a manufactured home (aka mobile home).

If no other information is available and you cannot find anything in the County Building Dept on the building permit, just tell it all like you've been telling us. ie: Subject appears to be ......... but, appraiser was unable to verify through county records or homeowner. Due to ........ , the appraiser believes that ....... etc.

 

[Tim Hicks (Texas)]

If it is modular or manufactured you need the building code tag information or it is quite posiible the lender will not lend on the property. FNMA has several requirements for you report if it is this type home.

 

[Debra]

Hello!

So...I'll use those comments and compare it to 2 "doublewides" and 2 siding homes with an adjustment for the siding homes being better quality. How does that sound? Thanks!!! :?

 

[Pamela Crowley (Florida)]

... and 2 siding homes with an adjustment for the siding homes being better quality

Make sure you have justification for those adjustments. What does your research tell you the adjustment should be? Be careful here. If the quality of construction is obviously superior in the 'stick' built houses you are using for comps, then you need to figure out what that adjustment would be. If you can't find the correct facts and figures, don't do the adjustment and state that. Leave the adjustments you can justify and even if the bottom line spread is wide, leave it at that and make your final reconciliation with your best opinion. Explain, explain, explain.

Charge more!

 

[Debra]

How do I get this?

Is this the same thing as getting numbers off of the end of trailers? There were no numbers on the ends of this home...

Also...is this the same thing as getting information that is written on trailers on the inside of cabinets and doors? Thanks.

 

[Jo Ann Meyer Stratton]

Depending on the laws and requirments for where the home was originally constructed (if completely built in a factory) and where the home is installed, there may or may not be any identification on or in the home is it was not built to HUD code. Some states require modular homes to have a label attached identifying it as having been built to the applicable site built code (UBC or CABO or BOAC or ???) but some states do not require any identification. Fannie Mae's new guideline that came out last week allows for that situation. They will only require the label/data plate information for HUD code built manuactured homes. So if there was not any identification anywhere inside or outside the home, you can't identify the building code from any government agency, and the owner doesn't have a clue--then just simply describe everything you saw. Also follow Rich's suggestion and discontinue use of the words double wide by itself. That is a vague term. Do you mean you are considering double wide manufactured homes (homes built to HUD code) or double wide modular homes (homes built in a factory to a site built building code)? Again, what would a prospective buyer look at when considering purchasing this home? If that prospective buyer would look at site built (built on site stick by stick) homes or manufactured homes built to HUD code or another factory built home built to a site built code or a home constructed on site with either panels and/or assembled components and/or pre cut materials--then those are the comparables you use. If that prospective buyer would only consider the exact same type of construction and code--then those are the comparables you use.

 

[Debra]

Hello

Well...the home in the subject property's county that appears to be most similar to the subject is a parsonage. I've never used one before but it seems to be an arm's length transaction. Is there any reason why I can't use it for a comparable? It appears to be a double wide manufactured home. Thanks again.

 

[Jo Ann Meyer Stratton]

Was the parsonage an "open market" arms length transaction? Could anyone not affiliated with that church or wanting to be next door to the church have or did purchase it? If only the preacher/parson would be the most likely buyer--then it does meet the requirements for an arms lenth transaction. What about ajoining counties? After all I think your counties are smaller with the populated areas closer together than here in Arizona. We have some counties larger than the New Englad states and because of terrain a different world from the adjoining county or part of the same county.

 

[Jo Ann Meyer Stratton]

Oops left out the word not--it does not meet the requirements for an arms length transaction!

 

[Wally Jones]

Be very leery of that parsonage sale. Make certain your research is accurate on the arm's length transaction. Could anyone have purchased it? Also check to see if it may have tax favored/exempt status.

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