Appraisal for Manufactured Home

[mannyp02]

Since it has been a week with no news, I decided to call my lender today to find out what's going on. Turns out that the appraiser finished earlier this week. However, because my home is going in a rural area without many home sales in the past several months, the appraiser had to go back 6 months to a year to find comps. The lender says that his appraisal came in above what we needed it to but because he had to go back so far for comps, a second appraisal had to be carried out. Again, he says he expects no problems with the second and he expects to hear from that appraiser tomorrow. Hopefully I will know something for sure tomorrow!

[mannyp02]

Just to update; I know understand why everyone says home buying is such a headache! Everything had gone fairly smoothly but now that we're coming down to the final stretch it seems like there is something new everyday! As I stated earlier, the appraisals came in above what we were needing so I was very happy with that. However, the original paperwork we submitted to the USDA had the address of the first property I had intended to buy on it and my LO had not changed it. So I've had to resign my disclosure forms, resend latest bank statements and such for a quick underwriting (which I just heard back from and it went fine) and my closing date on my land was slated for last week! I am negotiating an extension so hopefully we'll be okay. The main thing I was worried about was the appraisal but so far so good and I should be getting final approval from the USDA in a couple of days. That is if something else doesn't come up of course lol.

[rp74]

I agree buying is such a headache, my fiancé and I had picked out a modular like we wanted, and were planning on having the contractor add a nice carport. I also was purchasing 2 acres of land so we were going to pay the land owner and do a construction loan . This was an FHA loan by the way. I am also from a rural area in North Carolina. We were approved for the loan and had everything set on go just waiting for the appraisal. It came in $28,000 under the loan amount. So needless to say we decided to rethink things. I was wondering if we went with a new manufactured home with a larger square footage which is about 25-30 thousand cheaper if we could still add the carport and get it to appraise? Very aggravated for sure, and still don't know what to do. Not sure that this would appraise any better either. The cost of the carport was going to be around 20,000 but the appraiser only allowed somewhere around 5,000

[Annemieke Roell]

Originally Posted by rp74

I agree buying is such a headache, my fiancé and I had picked out a modular like we wanted, and were planning on having the contractor add a nice carport. I also was purchasing 2 acres of land so we were going to pay the land owner and do a construction loan . This was an FHA loan by the way. I am also from a rural area in North Carolina. We were approved for the loan and had everything set on go just waiting for the appraisal. It came in $28,000 under the loan amount. So needless to say we decided to rethink things. I was wondering if we went with a new manufactured home with a larger square footage which is about 25-30 thousand cheaper if we could still add the carport and get it to appraise? Very aggravated for sure, and still don't know what to do. Not sure that this would appraise any better either. The cost of the carport was going to be around 20,000 but the appraiser only allowed somewhere around 5,000

That is because cost doesn't equate value.

I truly don't understand why people buy manufactured homes (btw ... a manufactured home will be valued at less $/sf than a modular due to quality of construction. They do not appreciate in value and you can buy a stick built home that WILL (depending on your market)

[LifeIsGood01]

Originally Posted by Annemieke Roell

I truly don't understand why people buy manufactured homes )

They buy them because they are a lot cheaper, it's also a way to live in a brand new house for a lot less than a stick built home. A lot also don't know any better and pay a lot more monthly for the manufactured home and lot rent than a mortgage would cost for an older stick built home that will increase in value.