Using MH as a comp

[Dublin ohio]

city manuf row homes that were craned in level on top of level, sell for the same price here, all thing being equal.

Doubt they are mfg homes. More than likely modular units. Not the same

 

[Terrel L. Shields]

why would rural people simple don't want them, period.

My nephew showed a house that the agent said was "stick built" and it was obviously a MH. The wannabe buyers were quite angry because they had explicitly stated they did not want a tornado magnet. He gnawed the listing agent no end as they had driven 15 miles to look at it, so he had never seen the property either and the MLS did not ID it as a MH which it is supposed to. They didn't even enter the house, just turned around and went back to the office.

And I can safely say very few buyers here that are 40 years old or more will even look at a MH unless they are nigh broke. Many MH are cheap junk. Appliances are bad. A leak will swell the subfloor into lumps. Doors poorly hung, always hollow core interior. And they create the dryer vents by Smacking a hole into the floor with a sledge...much faster than a hole saw, and running the vent out there.

The market for MHs here is separate from that of stick built - and generally rural market as many towns limit Manf. homes in the city.

 

[TerryRohrer]

Depends on the market. The 44 year old manufactured home below (1,456 ft²) on 20 acres (with a second mfg ADU) sold for $585,000 while the 15 year old log home below (2,875 ft²), a few miles away and also on 20 acres, sold for $625,000 two months earlier. They belong in the same conversation.

 

[Terrel L. Shields]

I would argue that is an issue with the land value and lack of many sales perhaps.

 

[TerryRohrer]

I would argue that is an issue with the land value and lack of many sales perhaps.

Which, the sales I posted? Highly unlikely that 20 acres 3 miles from another 20 acres are going to have a significant difference in land value, and none that can be proven.

 

[shrubberyvaluation]

My subject is in a rural area along the NY/Vermont border. There is a village within 5 miles that shares same school district. There is a very distinct difference in the 2 areas (one rural & one suburban). Typically, a buyer in the village which has lower values than there is for a buyer in the rural locale. More secondary vacation homes in the rural locale. The village houses many correctional officers at the nearby state prison. They just announced the prison would be closing in November which means lots of relocations. My question is this. I used 2 stick-built homes and 1 manufactured home as comps in the rural area. Lender also wanted 2 listings and manufactured homes were the only available listings. Lender is very unhappy with the choice of comps and is demanding I use comps in the village. They stated I can't use MH because it is a different type of ownership. Not sure if there is any rule that says you cannot use MH for a comp.

What type of ownership is the MH? It is your job to use the most comparable, if they are then it is what it is.

 

[shrubberyvaluation]

i like grant's solutions.
no civilian can tell the difference from a manufactured house to a stick built house. you have to know what to look for.
they are the both types of the same house sold and listings. why are you looking at them differently. on the grid there is no concern, or adjustment line, for stick vs manuf built.
imagine building stick in a rural area. how far away are the contractors and supplies needed to do this. manuf is quality and more cost effective out there.
lender is subliminally saying your value is to low, without being too obvious.

I tend to agree. Last MH I did the seller didn't know and the agent insisted to the lender it wasn't a MH.

 

[Terrel L. Shields]

Last MH I did the seller didn't know and the agent insisted to the lender it wasn't a MH.

But you ID'd it right? How?

 

[Tom D]

Doubt they are mfg homes. More than likely modular units. Not the same

you could be right. each level was brought in and laid on a foundation, then the next level is added on top. 3 stories.
me big city row house boy, although they did that across the st from me.
so i don't deal with mfg or mobile. easy to get them blurred, that's my excuse.
i therefore have replyed to a thread without that expertise.
now dope slapping my head for penance.

 

[Fernando]

First, I never heard of the term Village in America. Foreign countries, yes but here?
What is a village in America?
Second, I never done a MH home but it has different appeal than non MH homes. I wouldn't use a different appeal/quality home comp.
If I do, it would be 4th or 5th comp as additional support.