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The Affidavit of Affixture will file at closing- Arizona

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Econobot

Junior Member
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Professional Status
Certified Residential Appraiser
State
Colorado
So what? It has no impact on the opinions and conclusions (including opinion of value.) Perfection of the title is on the lender, not the appraiser (this is a post closing requirement.) Although the lender MAY use the CofO from the appraiser. In this case, the client is asking for the "as is" value which should be the same regardless of the title work.
I just want to understand you better. Are you saying you use non-permanent manufactured comps to compare permanent manufactured houses? I definitely do not and no legit appraiser should be comparing real property to personal property combined (sounds like assemblage anyway). There are incompetent con artists out there that do this but in limited instances as almost all the time permanents sell for more.
 

CANative

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Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Tell me... how many (literally) thousands of MH's have you appraised? Of that how many were MH's in rental parks? Did you take the NAS course for appraising MH's in rental parks. For that matter, how many rental parks have you done?

There is nothing in the Selling Guides requiring the appraiser to make an appraisal conditioned on recordation of a foundation install or other security instrument. How could there be since not all States handle this the same way? Some just require that the MH be so permanently affixed to the land that it becomes real property. It's not a physical manner of how the MH is affixed (mound of concrete, shoestrings tied to rose bushes.) It's a legal document. And that's all. And it applies to lenders and always has.

Bottom line, this is a lending issue, not an appraisal issue except for reporting the condition of the property.
 
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CANative

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Professional Status
Retired Appraiser
State
California
FWIW... the exception is for FHA and USDA assignments. Conditioning on the foundation installation is automatic.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
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.
Colorado law is different from other state laws. Our state does not pretend a manufactured home is personal property unless it has a tag. Otherwise, regardless the foundation, it is treated as real property. It does not have to have an engineered foundation to be real. It can have the tongue and axles on it. It is real property and if you move it, you have to tell the assessor where it went, because until you do, they will tax the thing just like it is actually still there.

As for tractors, I've appraised a many of them on farms because lots of poultry farms have tractors, and other personal property in the sale. But they still call their manufactured homes "real".
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
The obligation of the appraiser is to report, not tell their client what to do.
 

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  • FNMA 2019 SELLING GUIDE MH TITLING.pdf
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Econobot

Junior Member
Joined
Aug 9, 2019
Professional Status
Certified Residential Appraiser
State
Colorado
Colorado law is different from other state laws. Our state does not pretend a manufactured home is personal property unless it has a tag. Otherwise, regardless the foundation, it is treated as real property. It does not have to have an engineered foundation to be real. It can have the tongue and axles on it. It is real property and if you move it, you have to tell the assessor where it went, because until you do, they will tax the thing just like it is actually still there.

As for tractors, I've appraised a many of them on farms because lots of poultry farms have tractors, and other personal property in the sale. But they still call their manufactured homes "real".
Ah ha, a clue Sherlock!! Probably a better way to get the taxes.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Taxable Property Property taxes are based on two kinds of property: real property and personal property. Real Property (Arkansas Code 26-1-101) What is real property? Real property is all tangible, owned real estate that is fixed and not readily movable. This includes land and all structures and improvements made to that land, such as buildings, homes (including mobile homes) and barns .

 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
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.

You have a terrible case of logarreah. You should take medication.

If someone wants to finance and the lender needs the certificate of affixture (or whatever the local jurisdiction or State calls it) there are proprietary systems that can be retrofitted for $1,000 or maybe less. Sometimes all it involves in an inspection and the recordation of document. In California, we use a form called HCD 433(a). It's like $25 or so.

The lender needs these things to make sure mortgagor doesn't dismantle the house and remove it (legally.) Buyers and sellers have no clue other than it being something the lender wants for a purchase transaction.
 
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