VA LGI Addendum

[Zoe]

I haven't been by that building in a little bit. I think City of Memphis bought the building and use it for public service facility. I don't think it is a Church anymore.

They may have demolished it and rebuilt. I'll check it out next time I am nearby. It is not a bad location. Not too far from St. Jude Children's Hospital that treats children with cancer free of charge. They get donations from people all over the world and treat children with cancer and have Ronald McDonald house where family can stay free of charge.

I don't even have a copy of the appraisal anymore. I don't even remember the H&B use on it but H&B use is not required on "liquidation value" definition. I don't even remember the client.

I just didn't feel comfortable going thru a huge building without Memphis police department with me. I do carry sometimes. But they carry more legally.

Many real estate agents carry legally.

 

[Fritz in NY]

Good questions for LGI's. At what point does the appraiser just say, tear it down, not worth squat? I' m not privy to the amount owed, the interest and penalties, But I know, the VA insured the value back when it was last purchased. Does anyone read our recommendations for Emerg. and other repairs? If they exceed the finished market value, what happens? VA pay off loan to lender and auction off to recover whatever is left? Is there a formula or is it based upon each lender? Give title back to town?
I hate to type lists, and costs or repairs to be noted, many times on extra pages, It costs a lot of time and construction/materials knowledge to estimate when you just walked through someone's old clothes/crap/junk/food, dodged spyders, rats, other vermin, hypodermics, inhaled whatever was growing inside and needed a long shower after leaving.
Is there a magic number where we just call it a day and state "A Teardown".

 

[LesPaul59]

Good questions for LGI's. At what point does the appraiser just say, tear it down, not worth squat? I' m not privy to the amount owed, the interest and penalties, But I know, the VA insured the value back when it was last purchased. Does anyone read our recommendations for Emerg. and other repairs? If they exceed the finished market value, what happens? VA pay off loan to lender and auction off to recover whatever is left? Is there a formula or is it based upon each lender? Give title back to town?
I hate to type lists, and costs or repairs to be noted, many times on extra pages, It costs a lot of time and construction/materials knowledge to estimate when you just walked through someone's old clothes/crap/junk/food, dodged spyders, rats, other vermin, hypodermics, inhaled whatever was growing inside and needed a long shower after leaving.
Is there a magic number where we just call it a day and state "A Teardown".

They would still want the appraisal completed. At that point I guess it's just up to them to decide

 

[RSW]

Good questions for LGI's. At what point does the appraiser just say, tear it down, not worth squat? I' m not privy to the amount owed, the interest and penalties, But I know, the VA insured the value back when it was last purchased. Does anyone read our recommendations for Emerg. and other repairs? If they exceed the finished market value, what happens? VA pay off loan to lender and auction off to recover whatever is left? Is there a formula or is it based upon each lender? Give title back to town?
I hate to type lists, and costs or repairs to be noted, many times on extra pages, It costs a lot of time and construction/materials knowledge to estimate when you just walked through someone's old clothes/crap/junk/food, dodged spyders, rats, other vermin, hypodermics, inhaled whatever was growing inside and needed a long shower after leaving.
Is there a magic number where we just call it a day and state "A Teardown".

My very first LGI appraisal was on a single wide on acreage. The single wide was in such poor condition that it added no contributory value. The VA told me to do a land appraisal, but to use the 1004c form. I just needed to explain what I did.

 

[Zoe]

My very first LGI appraisal was on a single wide on acreage. The single wide was in such poor condition that it added no contributory value. The VA told me to do a land appraisal, but to use the 1004c form. I just needed to explain what I did.

Those 3 listings are the hard part I would think on a manufactured home. Shelby County won't issue new building permits for a manufactured home. There are plenty in Tennessee where the lot is worth way more than the improvements. I didn't study liquidation yet but I think it is the same as refi or purchase on single family.

I can jump a County or 2 and there are manufactured homes plenty. I can't handle anymore territory. I am getting old.

 

[Zoe]

I can go to adjoining Counties in Tennessee and find many manufactured homes. They actually have sales and listings of similar. In Shelby County, I might have to rely on Cost Approach. On a LGI, I might have to explain there are no comparable listings or sales.

Some manufactured homes in Tennessee are like 2nd homes sitting on a lake or river or where ever. Some are rented out for like fishing, hunting, scenery, etc. Some lots "as if vacant" sitting with a very favorable view or other amenities may be worth way more than even a stick built on the subject. Take Kentucky Lake or Pickwick Lake or Tennessee River or many other locations further east. You could use depreciated cost on the contributory value of the house.

In Shelby County, you might have to go stick built if anything happens to the manufactured home like total demolishment. Shelby County has 2 or 3 parks where all there is manufactured homes and I am not sure if they own the lot or they rent the lot from the overall development. If Insurance paid for the demolished manufactured home, it would be very possible to replace the manufactured home with a new one within a manufactured home development.