Reviewing Manufactured On 1004

[Randy Pippin]

If, by some stroke of fortune the "package deal" that you are looking at was set up on the property as a "model home" prior to being sold, it had exposure and as such can be used as a comp. To verify this was the case, you can verify the home had "exposure" buy looking at the certificate of occupancy. If the certificate of occupancy is dated very near to the contract date it was probably a package deal.

 

[Darrell Hignite]

David,

I would love to add my two cents worth.

First, It sounds like you are doing the right things. You have found good market sales in your area. You are right not to use what we call in North Carolina, "Land/ home packages". You only report what you can verify, and do the very best job you can.

Second, asking what to charge means that you are new to reviews. Most new appraisers should not be doing reviews until they have had some experience during their training. Reviews are just another name for the word "Appraisal" and most field reviews want an opinion of value. That makes it an appraisal and many times you have to do more work than the appraisal, so I charge at least what an appraisal would cost them. If you are doing the review for less than that, then you are being taken for a ride, no matter how long you have been doing them.

Remember, You earn your FEE, no matter if it's an appraisal or a review. Good Luck.

 

[Big ole Boy]

Jay,

I have been appraising for 14 years.

I started doing reviews in my second year. I never saw a fee at the regular fee. I've never seen one.

I spend as more time doing reviews than appraisals.

Sure I am being taken for a ride. But, I want to see whats going on out there - and this is the only way I get a chance.

If I want to spend my valuable time not getting paid - thats my concern - everything I do is not about making money - I need purpose too.

So I do them for $200. I figure its either me or skippy so I will do a good job until I feel I have been taken advantage of long enough and quit for awhile.

 

[Truett Neathery]

Always use resales. If none are available, don't do the review. You can always call for a new appraisal from the original appraiser.

A one dollar per mile driving surcharge would be appropriate in this case - maybe it would scare them away, but there is no profit anyway.
TN

 

[Brad Gillispie]

I would deal with it this way...

Use the competing subdivisions for comparable #1-#3 and then use the land/home package sales in the subdivision for additional support of value.

The key is explain, explain, explain Make sure you pay close attention to if there is a locational adjustment that needs to be made.

This is how Fannie and FHA told me to teach it in my Manufactured housing class.

 

[Carnivore]

Brad,

If your in North Carolina you will get to meet all the Memebrs of the NCAB after using land home packages as comparables sales in your reports. :lol:

 

[CANative]

Besides, the owners of this manufactured house have most likely refinanced twice since Davy Roy started this thread.