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Retro review on mfd home

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Jack Ashworth

Thread Starter
Freshman Member
Joined
Jan 30, 2004
Professional Status
Certified Residential Appraiser
State
California
I got an assignment to review an appraisal of a mfd home, appraisal was done in Oct'04 on a standard 1004 (6/93). I can't remember, did you have to use the 1004C back then? I know they weren't as picky as they later became about using some stick-builts as comps (FNMA being "they"), but I thought mfd had to be on a 1004C.

Thanks, Jack
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
I got an assignment to review an appraisal of a mfd home, appraisal was done in Oct'04 on a standard 1004 (6/93). I can't remember, did you have to use the 1004C back then? I know they weren't as picky as they later became about using some stick-builts as comps (FNMA being "they"), but I thought mfd had to be on a 1004C.

Thanks, Jack

Mr. Ashworth,

Dude! Drink some coffee! What is the form creation date on the bottom of the 1004c? When did the 03/2005 forms become required for use for Fannie? You can't remember? Besides, what is the SOW of the appraisal? One does not have to use a 1004c today of the SOW is not a secondary market situation. I could use a hanky for a private party.

And don't use the current USPAP against this appraiser.

Webbed.

P.S. Dude! My mistake! .. LOL ... I'd forgotten about that 2003 1004c... Good catch! How the memory fades as all the good days pass on by....
 
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Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
In 2004 I was using the old 1004. There was a manufactured home addenda that had to be included. Make sure your client provides you with ALL pages in the report. There is some information you cannot get without an interior inspection.
 
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Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
The 1004c ADDENDUM form was required. But I have seen reports of MH's without the c form...ok. There are two situations that is possible. One, the report was not required to be prepared for fannie/freddy/FHA. This might have been an in-house loan and might have been transferred to 2ndary mkt later without the appropriate updates. The second was suggestive of an effort to disguise the MH as a stick built house.
 

Jack Ashworth

Thread Starter
Freshman Member
Joined
Jan 30, 2004
Professional Status
Certified Residential Appraiser
State
California
Thanks to all for input. I had forgotten (though had used) the 1004C ADDENDUM. It was not with this appraisal (it was complete). The website referenced by Mr. Rex was useful, but is there a Fredie Mac equivalent? Would the addendum have been required for a Freddie loan? If so, and it was not there, and this was a Freddie backed loan, then how can I review it? It would seem to be an incomplete appraisal. Addenda talks about quality of mfd home (appraisal appears not be be any attempt to hide fact that it was mfd- several, but not all comps are). But, there is no HUD tag or data plate info, not even mfg name or date of mfg....
Thanks again, Jack
 

Jack Ashworth

Thread Starter
Freshman Member
Joined
Jan 30, 2004
Professional Status
Certified Residential Appraiser
State
California
I just went back and checked the old 1004C- it has a FNMA doc number and date on it, but it does not have a Freddie reference- only required at the time for FNMA?
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Freddies was the 70B. dated 10/2003.
 

demcpeake

Sophomore Member
Joined
Nov 28, 2007
Professional Status
Certified Residential Appraiser
State
Kentucky
No i am pretty sure we didn't use the 1004C until 2005. and no, they weren't picky on appraisals on manufactured homes back then.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
The 1004C addendum page came out in 2003. Although Fannie Mae introduced the form, it should have been used by every body instead of those Mickey Mouse Mobile Home Addendum's that lenders were so fond of for thirty years (and thirty years out of date). Fannie and Freddie have required at least two of the closed comparables to be manufactured homes for many, many, many years. Site built were acceptable but there needed to be at least two manufactured homes.
 
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