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Someone with current Marshall and Swift

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Colorado Guy

Thread Starter
Member
Joined
Feb 9, 2003
Professional Status
Certified Residential Appraiser
State
Colorado
Hello

I was hoping one of you kind folks would help a bit. I'm looking at an appraisal over-valued by about $45k on a $225k home. It is a UBC (2002) that looks very much like a HUD. So much so, I was sure it was a HUD until I actually went out and inspected it.

The original appraisal (Sept 2007) uses 1 HUD at 228k and then two stick built homes at 260k and 310 - with NO ADJUSTMENT. The paired-sales I have show a 15-25% adjustment is warrented. Estimated value - $260

In the cost approach, the appraisal states M&S for GLA (1980SF) at $102.

I use Means and it shows $71. Zip code is 80831

Can someone with M&S look this up and send me a PM?

Thanks!
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Just go on line to M&S, and use their "swiftestimator". Costs 5 bucks and a lot quicker than waiting on someone else.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Unless the appraisal report broke down the M&S costs (a 1007 short form for instance) the $/psf for RCN at the top will include all costs for the unit including lump sum adjustments, floor coverings, HVAC, state and local modifiers, etc., etc., etc. And I don't see how someone on the internet who has never seen the subject can give you a detailed $/psf for this individual unit.

You could go to www.swiftestimator.com and do a detailed cost approach for about $8.

If it really is a modular with a steel chassis, then it should be disclosed somewhere that the collateral is not eligible for a Fannie Mae loan.
 

Colorado Guy

Thread Starter
Member
Joined
Feb 9, 2003
Professional Status
Certified Residential Appraiser
State
Colorado
Hey Greg,

Thanks - I use Means and it is much simpiler. There is no M&S form in the appraisal - crap there is little to no analysis!.

Just seems like $102 is pretty high for your basic modular home. Heck - brand new (off the lot) you can get them here locally for 70-80K.
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Using Colorado Springs multipliers and assuming the house has metal or vinyl siding, composite shingle roof, extreme climate for energy and foundation, is not in a seismic zone nor does it need a wind adjustment, is on a crawl, has drywall, has standard "allowance" floor covering, has the standard number of fixtures and rough-ins for its quality, no dormers, no fireplaces, has additional "extreme climate" floor insulation, has FWA/CAC and the built-in appliances are standard for its quality:

If below the quality of a typical site built house, i.e., fair, cost is about $71.25 per square.

If it is average quality, typical to a stick built house in the market, it is about $83.25
 
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Colorado Guy

Thread Starter
Member
Joined
Feb 9, 2003
Professional Status
Certified Residential Appraiser
State
Colorado
Hey Jim

Thanks! I had a gut feeling $102 was way out of line!

Quality is below a stick - it really does look like the typical HUD rectangle home

Thanks again!
 
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