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So Called Mobile Home, With Land

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DonRico

Thread Starter
Senior Member
Joined
Nov 26, 2002
Professional Status
Certified General Appraiser
State
South Carolina
Another Puzzle The Lenders must be scraping the bottom of the barrel this month .......

I am told that this is a Mobile Home, and the County Tax Records currently classify it as such. I was also told it has been "De-Titled" which I am told means the Land is now part of the Rights conveyed.

Has anybody heard the term "De-Titled" used in this manner ??

What Form would this Purchase APpraisal go on ?? 1004C or what ??
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Tell us who the intended user is...MH rules differ from secondary markets to in house lending. If in house use whatever form you normally use with an IAG assignment. Otherwise the C form is required. Yes some states allow a MH to be called RE instead of personal property...
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
OK, I cant speak for SC, but in NC a manufactured home is Personal Property with a title. Once a DMV Title has been canceled the manufactured homes becomes part of the Real Property it is affixed too.
 

DonRico

Thread Starter
Senior Member
Joined
Nov 26, 2002
Professional Status
Certified General Appraiser
State
South Carolina
I am learning now that this is how they do it in SC. The De-Titling converts from Personal Property to Real Property.. I believe I'm going to put this on the 1004C. I'll be out there early next week -- I'm going to get a good look underneath this thing.

This is a purchase for $140K. If ever a sale was meant for de minimus.....this should be the one..
 

CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
never heard of 'detitling' but here in AZ we surrender the title to DMV
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
So the mobile home was built prior to June 15, 1976......
 

DonRico

Thread Starter
Senior Member
Joined
Nov 26, 2002
Professional Status
Certified General Appraiser
State
South Carolina
never heard of 'detitling' but here in AZ we surrender the title to DMV


Doing further research -- I think it's more accurately called RE-Titling....... a 2-step process of surrendering one title, and assigning a new "Class" of Title.. Before I spend too much more time on this thing, I've asked the Lender for their Title Search.
 

DonRico

Thread Starter
Senior Member
Joined
Nov 26, 2002
Professional Status
Certified General Appraiser
State
South Carolina
I'm not sure what "shake my head" means in this context.

But this one turned out alright. I got the new Title form County converting it form Personal Property to Real Property and scanned it into the Report. Recent Sales within this neighborhood with a similar Title back-story. Submitted and Paid For.

Next wacky one will be so much easier..
 
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