Someone with current Marshall and Swift

[Colorado Guy]

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]

Just go on line to M&S, and use their "swiftestimator". Costs 5 bucks and a lot quicker than waiting on someone else.

 

[CANative]

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]

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]

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

 

[Colorado Guy]

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!