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Slimy Trailer Salesmen

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Paul Burger

Freshman Member
Joined
Oct 23, 2002
I seem to be doing more manufactured home appraisals lately, and while I don't enjoy the work as much as the other stuff, it's pretty good money because I charge $100 over my regular fee. And, there are only a few manufactured home sales in the area, so there is a very limited data pool to plug in.

But now I'm getting calls from dealers to do their land/home packages. (No, I don't use these as comps.) Every time I visit the dealer's lot, I get the feeling like I'm stooping to the level of a used car salesman. You know what I mean. I feel like I need to take a shower after I'm done.

My question is, how do the rest of you deal with these kinds of salesmen without--you know--getting drawn into the mud with them?
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
I don't deal with them at all. I will not play their games. I have been approached and dismissed several times before because they did not like my attitude toward comps.
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
I don't Paul. Just turned down the chance to work for a dealer. The more I looked into it the more I decided I didn't need it. I pride myself in doing work no one else will do. Of course I charge accordingly too. But I had to draw the line there.

I notice you in Bama too. Have your read the State rules on mobile home appraisals?? I have always been about the only one in the area that would do mobile homes but because of the rules the Board applied I don't think I am going to do anymore. As I read it unless the unit has a HUD foundation it is personal property and we have to do an NADA appraisal. I am approved to do those but no one accepts them. How are you handling the foundation requirements?
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
If constructed to HUD building code--it is a manufactured home!!!!!!
Mobile homes have not been constructed since June 15, 1976 and neither Fannie Mae or FHA will finance a mobile home!!!

By the way, that is what Hilga is shouting at the bottom of her picture.

For the last time, it is a manufactured home!
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Originally posted by Jo Ann Meyer Stratton@Jul 17 2003, 07:04 PM
For the last time, it is a manufactured home!
Promise?? :mrgreen:

Sorry couldn't resist.
 

Paul Burger

Freshman Member
Joined
Oct 23, 2002
Jeff,

Good point. Perhaps it's time that I took another manufactured home class.

I am certainly going to quit working for the dealers, starting today.

Paul
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I will bet you a dozen crispy cremes it isn't the last time! :rofl: :rofl: :rofl:
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Originally posted by Jo Ann Meyer Stratton@Jul 17 2003, 08:04 PM
If constructed to HUD building code--it is a manufactured home!!!!!!
Mobile homes have not been constructed since June 15, 1976 and neither Fannie Mae or FHA will finance a mobile home!!!

By the way, that is what Hilga is shouting at the bottom of her picture.

For the last time, it is a manufactured home!
I think I understand what you are trying to say. :p

It appears we have elevated slimy mobile home sales people to Slimy manufactured home sales people.

One manufactured home I appraised a long time ago was absolutely hilarious. As I pulled up to the trailer(oops, three lashes with a wet noodle) the left tail light was blinking! :rofl:
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Paul, ....Be wary, you are walking into a minefield to get in real close with dealers and the land/home package sale program. Kind of like the equivalent of being a "mobster's lawyer". While they are asking you to "do" the appraisal side of the package....each new package opportunity will probably be measured against how well you "did" the last one. If you are free to appraise them the way they should be appraised, and they accept your final report without wincing, then good, and you may be able to receive the next. If they try to instruct you on how to appraise the packages, then begin to find your exit out of there. I think this sector of housing provider is very nervous about the changes that are happening for appraisers, and outside financers. Egg shells are scattered all over the place.

Unfortunately, there are certainly honest, sincere and legitimtate sellers of that home product who will be at a loss due to the aftermath of other recent events and the bad-behavior of a few . I was in the sales office of one dealer in a city 50 miles south of me one day last November. Fortunately I was able to get my current retail price info first for a model of certain X by Y dimension, then it became known I was an appraiser .....and he asked me point-blank if I wanted to come down there regularly and "do" the appraisal side of their sales. I politely declined and said the 50-mile drive thing took me out of my preferred operating market....but thanks (no thanks) for the offer. My assignment was a pre-foreclosure drive-by on a unit which this dealer probably sold about 2 years before ! In another mfd. assignment in winter 2002 I was in another dealership in another city and asking for some info and prices. Here, I introduced myself as an appraiser at the start.....and this guy quickly changed his tune from ..."if you are here to buy, I can help you. If not, then I have some other tasks which need to get done today, but thanks for stopping in", and he turned and walked away. Huh ? That assignment ended up with my report revelaing the h/o was about $50K upside-down. He was looking for a grandiose appreciation for a cash-out re-fi effort. Sorry, I guess I can't help you. Some buyers never get any true and honest support working on their behalf when they buy mfd's. It's a jungle out there.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I am in the middle of reviewing numerous land/home packages completed by supposedly reputable appraisers. These appraisers are probably going to find themselves in severe licensing trouble due to the failure to look at comparable existing mfg. home sales but rather used package transactions as sales. They failed to compare manufactured homes against existing homes and adjust for the economic differential. Example. A new 1400 SF home on 1 acre sold for $97,000. Appraiser said a new 1400 SF mfg home on 1 acre was new at $97,000. A 3 year old 1400 SF brick was worth $94,000, a 3 year old 1400 SF mfg home was worth $65,000, showing a 30% market economic loss due to market resistance. The appraisers failed to fully discuss the market, including the high number of foreclosed manufactured homes in the market or the actual median price range of manufactured homes on acreage. These things are a market unto themselves.

Moral: If you use land/home packages and fail to fully analyze these things, people like me are going to be looking at you in a couple of years.


Roger
 
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