So we should start valuing tractors, flower pots, outdoor furniture, plow trucks, atvs, etc. These items do have an impact on value in the eyes of market participants but we don't acknowledge them because they aren't real property. I understand you're angle but it's technically bogus, not to mention it's pretty pathetic that someone (even agents involved) can't be bothered to establish real property for their sellers right off the bat, instead (because of bogus appraisers who cater to clients/owners/borrowers/agents) they expect the appraiser (why wouldn't they, the other appraiser did/do) to fluff out a skewed appraisal based on what they need. Believe me I understand the difference in purged manufactured and permanent manufactured, I see them alot. There in fact is a difference in value mainly brought about by the inability to finance (for less than 20% down) manufactured houses that are not purged. In theory, and because your access to buyers has substantially increased (with 0 down, or minimal down payments) you now have a greater pool of potential buyers; what happens when demand increases (ceteris paribus)?? Prices go up... The fact you claim buyers don't recognize a difference (means nothing) but is exactly why appraisers exist, to point out what the layman is unable to perceive. Additionally, what's the cost of a permanent foundation and the engineering required to complete it? That's not free...and depending on how the house was installed they might have some serious work to do. I've been to quite a few properties where the owner was required to do a lot of work to make porches/decks self-supporting and modifying foundation components if not adding them, even for refi work. Too bad, so sad, you want to compare your cheap manufactured to site built (generally the expectation), then put the necessary work in. There is a clown in my area that loves to compare brand new site built (stick) to manufactured but can't seem to identify why the prices are off by over $100k, he ignores it and the value of the manufactured houses is astronomical because the comps aren't comps, it's a contrived method to boost a value. Manufactured housing is basically junk (from what I've seen), the cheapest materials and least laborious outcomes can only lead to a low end product and it's always true that you get what you pay for. I went to one that the owner custom ordered (modular) and he was replacing all the switches/outlets. I asked him why, it's brand new? He asked me how much about wiring I knew and I told him to terminate the outlet using the screws not the hole on the backside (I know more than the average Joe)...he remarked that's right and then showed me an outlet (plastic with a slot for the wire to get smashed into). I couldn't believe the cheap shortcut but this is how they make money, sell the bare minimum for as much as they can get. Even the paint that's used might last 2 years in my area before it starts to wear and fade. I don't compare manufactured with site builts mainly because most market participants know the difference and simply won't waste their money. Alot of folks will rent or by lesser older housing because they know manufactured houses aren't investments, the thing will fall apart before they pay it off. Overall, I find it pretty sad that an appraiser is asked to ignore his obligations to compensate a seller who can't be bothered to establish real property and agents who obviously are incompetent about the financing of the parties involved, at a minimum.
