Question On Appraisal Of Modified Manufactured Home

[Deleted member 134708]

since there is clearly a bias against HUD Code Homes.

I'll be nice since you typed the correct word "there" instead of referencing me by name.

The "there" is the market. They have a huge bias against manufactured homes.

Proof's in the market. They drop in value equal to an RV. Off frame modulars don't. I'm reporting facts to this person. I said what I would do.

You said "wouldn't be quick to dismiss......"

So the OP gave you a scenario. What would you do? I would 1,000% buy off frame modular.

 

[CANative]

Proof's in the market. They drop in value equal to an RV.

Show me the proof.

 

[Deleted member 134708]

@CANative

Will do.

Got plans thru Sunday. Get back to you Monday.

 

[Deleted member 128537]

I have seen really cheap HUD homes and really nice HUD homes. Same is true for modular. The difference is you have more financing opportunities with a modular. Not so for HUD homes. That alone would give me second thoughts about a HUD home. But if you go HUD get a really good one. Do NOT go for cheap. Then better off with cheaper modular.

 

[CANative]

HUD Codes are eligible for ALL types of financing. VA, FHA, both GSE's, etc.

 

[Meandering]

I am thinking about buying some acreage and putting a super deluxe manufactured home on it.

Here's the deal. I think "Marion" just posted in fun and wasn't trying to be helpful.

Nope,

Marion was thinking if you're buying acreage, and thinking of adding a HUD home...............

Why stop at one?

Open a trailer park!

We're here for the money, honey.

.

 

[Deleted member 128537]

But not all lenders will do manufactured homes. Quicken loans is one that does not do them. And I've had numerous other lenders that do not lend on them. Historically they have had higher foreclosure rates. And rates are normally significantly higher. Loan terms are often shorter. USDA doesn't do existing manufactured homes; only new.

 

[CANative]

Sure there are a lot of lenders that won't work with HUD homes. But there are a lot of lenders.

I do a couple a month and I don't do very many fee appraisals any more. Someone is financing them.

 

[CANative]

I'll be nice since you typed the correct word "there" instead of referencing me by name.

The "there" is the market. They have a huge bias against manufactured homes.

Proof's in the market. They drop in value equal to an RV. Off frame modulars don't. I'm reporting facts to this person. I said what I would do.

You said "wouldn't be quick to dismiss......"

So the OP gave you a scenario. What would you do? I would 1,000% buy off frame modular.

Where do you work mostly?

 

[Terrel L. Shields]

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?

Unanswerable. A Manf home is a Manf. home and delux or not, it will likely depreciate faster than the market appreciates. But that depends upon the market and future demand. Not all stick built homes sell for more than they cost. We've got tons of McMansions that are selling for well under their initial 2000-2005 price. With "Clayton" in the name, I donno, maybe Warren Buffet makes 'em better than anyone else but "Clayton" used to be our base manufactured home and considered to be mere 'run of the mill". "We really don't use the term "Mobile" to describe a modern manufactured home.

an amish company

I am leery of anyone trying to piggy back off the term "Amish"...I find they sell and build no different from anyone else. Some are very good. Some are very mediocre. And it rarely has anything to do with someone actually being "Amish". Morrow strikes me as a rather rural area outside of Cincinnati ... I would think it would do well to simply hold its value. But I am guessing.