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Question for the Guru's

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int1st

Thread Starter
Freshman Member
Joined
Aug 6, 2007
Professional Status
Licensed Appraiser
State
California
:new_newbie:

Hey Guys I am new to the Appraisal Forum world and am reading some excellent and insightful info.

I have a question as to the best form for an slightly different appraisal. I have a great appraiser whom is very knowledgable but didn't sound to sure on this one.

My problems lies here... I have an appraisal for 2 MH's on one parcel here in rainy CA. Both are said to have the 433A foundations (I will be checking with county) on 17 Acres. I would have used the 1004C except that there are two domiciles. I was advised not to use the 1025 because they are MH's. What is the best thing to do? Thanks in advanced.

I await your wisdom.
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
The wisdom will be along shortly from other posters.

In the meantime, a couple of thoughts to consider.

If your supervisor/mentor is not sure about how to proceed, how will you learn the correct way to handle this assignment?

This is a complex assignment and it might be a good idea to seek an appraiser experienced in performing this type of work and ask her/him if you (and your mentor) could "look over their shoulder" to learn how to handle such requests in the future.

There are so many details to be addressed in your post that it wouldn't be feasible to attempt an answer in an internet forum (in my opinion).

The folks with the wisdom will undoubtedly have better advice.

(I apologize if this appears to be a negative, unhelpful post. It's not intended that way. Welcome to the Forum! This is a great learning resource and we look forward to your future posts!)
 
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stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Wally hit it on the head! Either find someone to associate with (learn from) on this or turn it down.

It doesn't appear to me you are competent to complete this type of complex assignment.

17 Acres? Is this typical for the area? Any ag uses? Are the structures pre 1975 mobile homes or manufactured housing? Is the current use legal? Is the current use the highest and best use?

Should the appraisal be completed on a Fannie Form? (financing) or on an AI Form or should it be a narrative appraisal?
I'll let others ask the remainder of the questions!
 

Lobo Fan

Elite Member
Joined
Nov 28, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
I am curious as to handle this one as well. My best guess would be to do it on a 1004C with the old 1004C addendum for the second unit. Assuming that two MH's are legal per the zoning, etc. HBU would be interesting on this one as well.

Quite the challenge. Makes me enjoy my cookie cutters all the more.
 

Jerry Bone Jr

Senior Member
Joined
Feb 23, 2004
Professional Status
Licensed Appraiser
State
Oregon
Newbie, What is the zoning? Is one of the home under a "hardship permit"?
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
I am curious as to handle this one as well. My best guess would be to do it on a 1004C with the old 1004C addendum for the second unit. Assuming that two MH's are legal per the zoning, etc. HBU would be interesting on this one as well.

Quite the challenge. Makes me enjoy my cookie cutters all the more.


God Please tell me you are kidding? In my opinion this type of property will not conform to a form report. Use of a narrative explaining all that you have to do is the best for this. You cant simply add an addenda for the second unit. This is the kind of stuff that gets you in trouble.
Not knowing is not a defense ....
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
I've done a half dozen of these and they can be squeezed into a Fannie report. There's plenty of space in the 1004C cost approach section to enter the RCN.

It takes a bit of extra explanations, analysis, and finding comps and lots and lots of brain juice but it can be done. It's not too hard when the subject is on a large lot (acreage) because you don't have to think in terms of income producing property.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
I've done a half dozen of these and they can be squeezed into a Fannie report. There's plenty of space in the 1004C cost approach section to enter the RCN.

It takes a bit of extra explanations, analysis, and finding comps and lots and lots of brain juice but it can be done. It's not too hard when the subject is on a large lot (acreage) because you don't have to think in terms of income producing property.


Just not what the form was designed for thats all Greg.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Just not what the form was designed for thats all Greg.

I've been known to tighten screws with a butter knife or unlock a car with a coat hanger.

If the collateral is not eligible for Fannie Mae then Fannie Mae will not be using the appraisal.
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
I've been known to tighten screws with a butter knife or unlock a car with a coat hanger.

If the collateral is not eligible for Fannie Mae then Fannie Mae will not be using the appraisal.


And if Fannie will not be using the appraisal why not present it in the best fashion instead of fitting a square peg into a round hole? :Eyecrazy:
 
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