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Question On Appraisal Of Modified Manufactured Home

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fixfireleo

Freshman Member
Joined
Feb 1, 2017
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Ohio
I am thinking about buying some acreage and putting a super deluxe manufactured home on it. it is view-able online by googling "the patriot clayton homes". everything you see comes standard, there are no changes allowed. an amish company ( i think called dutch) makes the exact same home but will put it on a wooden base instead of a steel base. i would then have it permanently attached to a basement. my question is, with the base modification and being attached to a basement, would it appraise differently than a regular mobile home and would it appreciate in value over time like a regular house (maybe at a slightly lower percentage) so i wont be wasting the $85000 cost of the home? this will be in ohio, morrow county, close to mt gilead. i am looking at this option because there is nothing to chose from on the MLS and i dont think i can afford a stick built home. any advise is appreciated.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
There is a difference between a modular home (on a metal frame, or on a wood frame) and a manufactured home (formerly known as trailers) and a mobile home (currently known as trailers or RVs)

Depending on your market, and generally here, a modular home is perceived similar to a stick built home, in some areas.

You will need a local appraiser to answer your question.

.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
There is a difference between a modular home (on a metal frame, or on a wood frame) and a manufactured home (formerly known as trailers) and a mobile home (currently known as trailers or RVs)

Depending on your market, and generally here, a modular home is perceived similar to a stick built home, in some areas.

You will need a local appraiser to answer your question.

.

Sometimes this forum makes me laugh.
 

Sid Holderly

Senior Member
Gold Supporting Member
Joined
Jun 16, 2005
Professional Status
Certified Residential Appraiser
State
Indiana
It could be anything. The right letters are there but in the wrong order. Is I get older it appears one hand responds before the other. Such as The becoming Teh and adjustment being ajdsumtent. Spell checkers catch most of them but it can not catch all of them.
I know what I wrote but it sometimes takes time to decipher what I wrote.
 

JR1972

Freshman Member
Joined
Oct 31, 2014
Professional Status
Certified Residential Appraiser
State
Wisconsin
According to my training, a modular is considered the same as a stick built and therefore should be done using a 1004 and compared to stick built and modular homes. Manufactured homes are on a metal frame and usually come in two sections and they can go to the secondary market, they just need to be on the manufactured housing forms (1004C) and should also have HUD tags and a data plate. Mobile homes are currently considered the same as a park model, personal property no secondary market. I'm just going by what McKissock says, so take it for what it's worth.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Run from HUD code homes in your best interest.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
CAN is the Man on Manufactured and Modular Homes ** So listen to His Advice !
 
D

Deleted member 134708

Guest
My advice, do not buy a manufactured home. They are built to HUD standards and will rapidly lose value.

You want a modular home built to your local city, county, state code. I wouldn't buy one that looks like a rectangle. Those are "on-frame modular and really no different than a manufactured. It will rapidly lose value. I'd buy an off-frame modular or pre-fab house that looks like a stick built. Here is link to example.

http://www.westchestermodular.com/craftsman-series.html

If were me I'd want "off-frame modular home". This will be built to city code and very closely follow the stick built market. It is a stick built home done in a factory.

Manufactured = built to HUD, steel chassis and rectangle.

On-frame modular = manufactured home but built to local code.

Off-frame modular = stick built in factor, built to local code. Visually no one can tell different. (Besides plans, and a tag in electrical box)
 
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CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
I am thinking about buying some acreage and putting a super deluxe manufactured home on it. it is view-able online by googling "the patriot clayton homes". everything you see comes standard, there are no changes allowed. an amish company ( i think called dutch) makes the exact same home but will put it on a wooden base instead of a steel base. i would then have it permanently attached to a basement. my question is, with the base modification and being attached to a basement, would it appraise differently than a regular mobile home and would it appreciate in value over time like a regular house (maybe at a slightly lower percentage) so i wont be wasting the $85000 cost of the home? this will be in ohio, morrow county, close to mt gilead. i am looking at this option because there is nothing to chose from on the MLS and i dont think i can afford a stick built home. any advise is appreciated.


Here's the deal. I think "Marion" just posted in fun and wasn't trying to be helpful. Her information is absurdly inaccurate. This "djd09" character, well there is some question as to whether or not he (or she) is even a real RE appraiser. For the most part he/she is a bitter, anti-government political provocateur who seldom has anything rational, let alone helpful, to contribute to this forum.

"notrav" got it better than the others but I'd still take his advice with a grain of salt since there is clearly a bias against HUD Code Homes.

No improvement appreciates. RE goes up in pricing despite the improvements losing value from physical or functional depreciation. Factory built housing has a lesser economic life (on paper) but still will last 25 to 50 years or even a lot longer and still function as designed and provide a safe, comfortable place to live.

I accessed the website(s) for the Clayton home you're interested in (The Patriot.) I got an instant jaundiced feeling over the phony patriotism and attempt to mislead with regard to the type of construction and pricing ($85,000 - that doesn't include delivery (driving the trucks, the pilot cars, highway patrol in some ares, etc.), installation on a prepared foundation system, construction work to close up the halves, utility hook ups, permits, interior finishes - maybe even appliance upgrades instead of the crappy stuff that's included in the price..... you get the picture.)

1) A mobile home is a factory built home on a permanent steel chassis built to a local code (or no code) before June 15 1976. You can't get financing on these (maybe hard money loans)

2) A manufactured home is a factory built home on a permanent steel chassis where the National Manufactured Home Construction and Safety Standards (HUD Code) was followed during construction and displays a red certificatin label on the exterior of each transaportable section. This type of home is eligible for all types of financing.

3) A modular home is built in a factory in sections on transportable steel frames with axles. The sections are hooked up to a truck, hauled to the site, lifted off the frames with a crane and lowered onto the foundation. The frames are then returned to the factory for reuse. Eligible for all types of financing.

4) Some modulars are built just like mobile and manufactured homes. They have the permanent steel chassis. The are built following a building code other than the HUD code. They are not eligible for conventional lending (Fannie Mae/Freddie Mac.)

I would not be quick to dismiss thinking about buying a HUD code manufactured home if you have limited funds. Go for as big and as high quality as you can comfortable afford.
 
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