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What to do..What to do...

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Patti Jury

Senior Member
Joined
Mar 23, 2002
Professional Status
Licensed Appraiser
State
Colorado
I stepped in it this time I think...

I have a review of a 1970 manufactured (mobile) home on almost 5 acres near the Hayman Fire starting point. The Hayman Fire is not a factor since the effective date was 5/14/02...one less factor.

The mobile has almost 1500sf of add-ons and the appraiser has considered it similar to newer modular/stick built homes due to the quality of add-ons. Well we all know that a mobile ..is a mobile...is a mobile and will never be a stick built house. The roof line has also been pitched to resemble a newer modular home. The appraiser has included 4 sales, all are newer modulars(HUD). I have searched the Park and Teller Counties but cannot comp construction quality with add-ons.

I do have a few smaller mobile home comps, none have the additions.
I'm leaning towards the over-built for the area/construction quality issue. The original appraiser was unable to bracket the add-on/construction quality issue so he/she went the route to compare it to newer modulars.
I need to chat with my client, however any help would great...
Thanks,
Patti
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Bracket it.

Use the older mobile with no add-ons, use the newer manufactured. When I run into a situation like this, I'll use at least 4 comps - 2 that are inferior to the subject and 2 that are superior to the subject. Subject is somewhere in the middle of that mess and you can figure it out a little easier (joke) that way.

Currently working on a 1924 rehabbed house with nothing in it's immediate neighborhood that's sold lately that is remotely similar. I have the comps for a neighborhood that is superior in location and will use 2 of those. I'm about to search for the inferior location comps next and will use 2 of those. Like finding the balance point. Line items, total net and gross - all will exceed guidelines along with proximities. Just explain what you did and why - and charge more.
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Hi Patti,

What I'm curious about is if the lender is having you review this appraisal because of the comps that the appraiser chose, or because of the fire.

Since I've never done reviews, I would like to know if there are any large influential changes to the region since the effective date of the appraisal, wouldn't you need to address them and any impact they may have on the current value estimate? If such were the case, it would seem that a completely new appraisal would be needed with comps that have sold after the fire, not a review.
 

Patti Jury

Senior Member
Joined
Mar 23, 2002
Professional Status
Licensed Appraiser
State
Colorado
Hey Dee Dee,

I get the impression that this is more a quality of construction and over built issue rather than a fire issue. I have chatted with Teller County...they estimate the effects of the Hayman Fire will not be seen in the market place for about 6-12 more months. They are working to rehab the area as quickly as possible but the heat of the fire has turned the ground to glass/stone.

Subject is a 1970 (pre HUD) mobile that has custom add-ons. I think that is more the issue. It would be tough to appraise the results of the Hayman Fire just yet.. but it will be interesting to see the effects down the road.

See ya.. I'm going Fishing today.. I'll let you know what I Find at the lakes Mike G...Going agian on Friday.. to do this review...and fish if there is water... :p
 

Bill_FL

Senior Member
Joined
Aug 23, 2002
Professional Status
Certified General Appraiser
State
Florida
Patti,

As noted above, I think the real issue here is that the home is a pre 1976 mobile home. There are very few lenders willing to write mortgage loans on these homes. Thus it can affect the marketability or the homes. I would be very sure that I had some mobile homes of similar age (pre 76) to prove a market for them.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
You go girl.....fishing that is. (We belong to the same trout club) Pretty hard assignment...I like the idea of using a mixture of older mobiles and then newer modulars and let the value fall in between.

Teller County Assessor was on tv the other night and said he was lowering the value of properties in the fire area by a minimum of 20% to a maximum of 75% for those physically damaged. Not enough post fire comps to make me happy. I am personally leaving that to appraisers with far more experience than me.

Patty, let me know if the fishing is any good. I have only been to the property once this year. Would like to try it before they close. Guess we have til the end of October. Leaving for New Mexico on Friday...bass tournament, last of the year.

What the heck is going on??? got 6, count em, 6 assignments today. Two ERCs and 4 full URARs. I give up!!!
 

Patti Jury

Senior Member
Joined
Mar 23, 2002
Professional Status
Licensed Appraiser
State
Colorado
Well I completed this assignment...phew...Finally

The drive was interesting.. had to get a special permit from Lake George/Pike National Forest to enter the Hayman Fire area to verify that 3 comps are still standing. They were. One had burned trees on the lot but the house was still there.

I compromised the stigma of a Pre-HUD mobile verses newer modular homes. Also took the approach of over-built.. not just for the area but in general. I used newer mods as well as a Pre-HUD mobile with an addition. It was smaller than subject but tended to represent that market much more than a newer modular. Very interesting assignment.. well worth the research and drive. I was also interesting to see the numerous lisitngs that have popped up in and around the burn area.

Thanks for all the advice.
Patti
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
but...but...but...how was the fishing?

New Mexico was tough...either very small fish or monsters. My partner boated a 4.88 large mouth on Saturday only to get beat by a 5.18 smallie! He did win the tournament however.

Was driving back to the springs and saw some amazing stuff. First about a dozen tarantulas crossing the road. Squish Squish. The between Springer and Raton there was a herd of elk, estimated 30 to 35 bedded down right beside the highway. Huge bull too! The other guys saw two bear on Raton pass.

I must get up to the club site before the end of the month and check out the trout.
 

Patti Jury

Senior Member
Joined
Mar 23, 2002
Professional Status
Licensed Appraiser
State
Colorado
LOL Mike,

I thought I had fishing on the brain! Slow.. Water level was good, only down about a foot at the most. Trees were outstanding! Great pictures!

I did not fish on Monday.. Took all day to drive comps and get access permit into the burn area. Just FYI and from observation... pay close attention to the areas north of Florissant and Divide. I'm telling you the number of listings that have appeared is amazing! Near the border of the burn area in Indian Hills the number of for sale signs was unbelievable. Same thing north of Divide. It will be interesting to see how this plays out and the impact on the market for northwestern Teller County!
Add into the mix.. the drought! Ugh! Cheap property in Teller?.. could be!

I was going to try and go back up to the lakes sometime this week but it looks like a nasty cold front is moving in! We shall see!

The New Mexico thing.. seems that is the way they all go.. small or large.
All or nothing! I watched a guy bring in a 10.2 pd walleye at Glendo, only to see about 10 minutes later a 12 yer old kid bring in a 12.6 pd walleye, only to see that lost when another guy brought in a 13.4 pd walleye.

LOL.. never know! As long as you had fun!
Patti
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Did Denver leave any water in Antero? Everyone was complaining that the best fishing around was there and Denver for the first time in history was going to take water from this reservoir.

For MH's I use my NADA book (actually the software) pretty religously..at least it often confirms my suspecions.

I appraised 2 MHs in the past week on farms. Both 2 years old, one was purchased for $21,000 and the other was $26,000. Both looked pretty much alike until you got inside. The doors were solid wood, trim better, etc. in the upscale unit and NADA pegged both at about 10-1% less than the sales price 2 yr ago.
 
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