Property Type

[Doug DeMars]

I've often wondered what is worse. An appraiser who takes this profession too seriously or one who don't take it seriously enough? No one cares until someone does. How far beyond the value opinion should the appraiser be held accountable? In the age of information overkill (e.g. UAD 3.6) should data collection be subject to the same scrutiny as the end result?

 

[timd354]

It's not.

Steel is the only approved material for HUD code manufactured home subframes.

This is true, but that requirement is being removed as a result of the 21st Century ROAD to Housing Act passed by Congress this past June.

BTW, there is a community of manufactured homes in Maryland which do not have steel subframes, but have wooden subframes - they were built with HUD approval under an experimental pilot program back in the 1990's and most of the homes are two story homes as they feature stacked manufactured home sections. I appraised one of these of a refinance back in the early 2000's and the bank did not know it was manufactured home until I told them......I had a discussion with the banks's chief appraiser (who I knew) and it turned out that they had loans on about 10 or 12 of these units in their portfolio and did not know that know that any of them were manufactured homes as the other appraisers they had on their panel were too dumb to figure it out.

 

[timd354]

I am struggling with how adding and extraordinary assumption is not an addition to the assumptions

Part of the problem is that too many appraisers, including many on the AF are confused about the difference between an extraordinary assumption and an ordinary assumption in an appraisal.