How to Appraise a Used Mobile Home
- Identify the make, model and year of the manufactured home. ...
- Contact nearby manufactured home community managers and used mobile home dealers to obtain sales data for homes of similar make, model and year of manufacture recently sold, preferably ...
- Determine the condition of the mobile home. Is it excellent, good, fair or poor? ...
- Calculate the average sales prices of the comparable mobile homes to determine the median market value of a manufactured home of similar age, size and condition.
How to repair the floor in a mobile home?
- Determine the area to be repaired
- Remove the damaged portion of the subfloor
- Attach floor joist supports for subfloor replacement
- Replace subfloor with new material
- Level new subfloor area
- Replace flooring over the repaired subfloor
How to remodel the exterior of a mobile home?
5 Mobile Home Exterior Redesigns & How To Get The Look
- Farmhouse. Farmhouse style is more popular than ever. ...
- Creative colors. We all love colors. ...
- Keep it natural. We seem to have a need to reconnect with nature – the desire to feel closer to the environment. ...
- Neat in neutral. If your style leans towards understated and minimalism, neutral colors might be the way to go. ...
- Quaint cottage. ...
How do I scrap my mobile home?
Where to Salvage Your Mobile Unit
- Know the State Laws For Trailer Home Disposal. Different states have different requirements when disposing of a mobile unit. ...
- Other Options Besides Trailer Junkyards. If a junkyard isn’t an option, try calling your local scrap metal facility. ...
- Considering DIY Demolition?…Watch it Done. ...
How to determine the value of your mobile home?
Method 2 Method 2 of 3: Performing Your Own Research
- Research comparable sales in your neighborhood. Each local real estate market is different, and the book value cannot account for whether your local market is hot or not.
- Assess the condition of the home's interior. The overall condition of the mobile home will impact its value.
- Inspect the outside of the home. ...
- Identify features that add value. ...
How do you find the value of a mobile home?
If you're looking to see what your mobile / manufactured home is worth, you can turn to the NADA manufactured homes page for help. There, you can purchase a report that gives you an estimated value of your home. The cost of this report varies from $26 to $50, depending on how detailed of a report you would like.
Is remodeling a mobile home worth it?
' is yes. You absolutely should buy an older mobile home and remodel it if you can find a home with a sound structure and you can do some of the updates yourself. If you like the idea of living debt-free eventually you should absolutely consider buying an older mobile home and remodeling it as your budget allows.
Does Fannie Mae require cost approach on manufactured home?
Fannie Mae does not require the cost approach to value except for the valuation of manufactured homes. However, USPAP requires the appraiser to develop and report the result of any approach to value that is necessary for credible assignment results.
Which appraisal report does Fannie Mae require for manufactured homes?
Manufactured homes located in either a condominium or cooperative project require the appraiser to inspect the project and complete the Project Information section of the Individual Condominium Unit Appraisal Report or the Individual Cooperative Interest Appraisal Report and attach it as an addendum to this report.
What is the lifespan of a mobile home?
A report done by the Manufactured Housing Institute placed the average life expectancy of a manufactured home at 55.8 years (mhvillage.com). With the proper upkeep and maintenance, manufactured homes have a long-life expectancy, with the potential to last forever.
Can I put drywall in a mobile home?
Mobile homes are designed to be light, but the walls still have wooden studs and manufacturers will often use 1/4-inch paneling to cover the framing. The wall studs are spaced to support 4-by-8 panels, so the mobile home drywall, which comes in 8ft by 4ft sheets, should be no problem to install.
What is the minimum credit score for a Fannie Mae loan?
620Because Fannie Mae has a minimum qualifying credit score of 620, this should help more clients qualify together on the loan, allowing for the use of all incomes to determine what they can afford. This also helps clients who are still working on their credit but may be applying with a co-signer.
How old can a manufactured home be for Fannie Mae?
10 yearsA single-width manufactured home can be no older than 10 years, measured from the manufacture date on the HUD Data Plate to the effective date of the original appraisal. The manufactured home must be a one-unit dwelling that is legally classified as real property and cannot include an accessory dwelling unit.
Does Fannie Mae allow mobile homes?
MH offers a low-cost alternative to site-built homes for millions of American households, especially in high-cost and rural areas. Fannie Mae purchases mortgages secured by manufactured housing titled as real estate via our approved lender partners using our standard MH underwriting guidelines.
What does a Fannie Mae appraisal look for?
The appraiser will assess the general condition of the home, the age of the home, the location of the home, lot size, square footage, number of bedrooms and bathrooms, major structural improvements like remodels and additions, and any additional features, such as an in-ground swimming pool.
What is a 1025 appraisal?
The Small Residential Income Property Appraisal Report (FHLMC 72/FNMA 1025) is for the appraisal of two- to four-unit properties, including properties in PUD, condo or co-op projects.
Is the cost approach required for manufactured home appraisals?
Cost approach for Manufactured Homes A detailed cost approach to value based on published sources and supported by market data is required for all Manufactured Home appraisals.
How do you modernize an old mobile home?
1:238:022 ways to update an old mobile home - YouTubeYouTubeStart of suggested clipEnd of suggested clipHome mobile home windows aren't the prettiest thing. You could always switch out the windows. ForMoreHome mobile home windows aren't the prettiest thing. You could always switch out the windows. For newer modern windows. And this one that we have does not have any like trim work around the windows.
How do you remodel a mobile home to look like a house?
How to Remodel Your Mobile Home to Look Like a House (Interior)Remove all of the trim from your walls.Prime your walls using an oil-based primer.Fill in all of the line gaps left by the paneling with drywall mud.Tape and mud the wall joints between the sheets of paneling.Use an orange peel texture spray on the walls.More items...
How can I make my mobile home walls look better?
WallsRemove all trim from the walls.Prime the walls with an oil based primer.Fill in the line gaps in the paneling with drywall mud.Tape and mud the joints between the 4 x 8 sheet of paneling.Spray orange peel texture on the walls.Prime the walls for paint with a latex primer.Paint the walls.
What is the oldest mobile home you can finance?
If your manufactured house is classified as real property, you may be able to finance it with a mortgage. Typically, a mobile home has to be built after 1976 to qualify for a mortgage, as we'll explain below.
How much does a mobile home appraisal cost?
Most appraisals cost between $250 and $400 and include a full inspection where the appraiser will examine the square footage of the home, the condition, the park, the heating and cooling, and details about the park, and other factors to create a detailed report that reflects repairs, issues, and a general overview of the retail value. Real-property mobile homes are appraised using the Uniform Residential Appraisal Report, Form 1004C. However, if you rent a lot at a mobile home park, there is no standardized form for appraisal. There is always things you can do to protect yourself from low ball appraisals.
What is the form for mobile home appraisal?
Real-property mobile homes are appraised using the Uniform Residential Appraisal Report, Form 1004C. However, if you rent a lot at a mobile home park, there is no standardized form for appraisal. There is always things you can do to protect yourself from low ball appraisals.
How does a wholesaler price a mobile home?
Most wholesalers must move your mobile home off of the lot in order to purchase it and sell it elsewhere, meaning that they must take on high moving costs for transportation, permits, licenses, unhooking utilities, and prepare a new lot in another location. These costs can be high, and they are all directly subtracted from the offer that the wholesale broker will make to you.
Why is it important to sell your mobile home?
Because selling is often more cost effective than choosing to move your mobile home, it is crucial that you be able to earn the maximum profit when you sell your home. This guide will help you to understand different valuation methods and markets so that you can make the right choice for your home.
How to sell a mobile home?
Selling a mobile home yourself means either connecting with a real estate agent or listing the home yourself, marketing, showing the home, handling paperwork, getting permission from the park, and if you’re moving away before the sale, continuing to pay rent and fees for the home. Just like with selling a house, you set a price, accept bids from interested buyers, and eventually make a deal to sell the mobile home. You keep all the profit, and you get the maximum sale price for the home.
What tier is a mobile home?
If you are going through a real estate agent, your mobile home will be assigned to First Tier or Second Tier for pricing based on the make, model, and manufacturer. Size – The size, number of bathrooms, bedrooms, etc., will affect the sales price.
How long does it take to sell a mobile home?
Because the average time to sale is 9-12 months and sometimes longer for a mobile home, you should calculate at least a year’s worth of park fees, any repairs that you might have to make, the cost of maintenance for the home over that period, advertising, marketing, and other details.
How long does it take to get a mobile home appraisal?
The company has more than 550 inspectors across the country and can provide you with a written appraisal report within six days in most cases.
How much is a manufactured home worth?
The average value of a new manufactured home is about $74,000. Material choices that can make a home more valuable than the average are things like hardwood cabinetry, finished drywall versus wallboard, energy-efficient windows, upgraded lighting, and six-panel doors.
What is manufactured home?
Modern manufactured homes are technology-rich and loaded with energy saving appliances. Most people know about Energy Star ratings, and appliances that are rated as such add value to a home. Buyers also will pay more for stainless steel appliances.
What is book value of mobile home?
The book value regards the make, model, and year of a mobile home. It provides an average value based on this information. If your home happens to be “average” and is located in an average market, then maybe the book value will work well for you. Half of the mobile homes like yours will be worth more than the number you get.
Why do homes cost more in some markets than others?
Location, location, location. Homes cost more in some markets than others. It’s easy to understand why this might be the case. If your home is near the beach or on a golf course , it may be more desirable to buyers and sell for more money. Likewise, if your home is located on a quiet, wooded lot, it may sell for more than one located near a busy entrance.
When was the mobile home built?
A mobile home is a home built prior to the 1976 date and a manufactured home was built after that date. Why does it matter? June 15, 1976 is when HUD code went into effect. That code and its subsequent updates are responsible for improved building practices that ensure the quality, long life and value of a home.
Can you get an accurate number from a mobile home?
Unfortunately, it’s impossible to get an accurate number by doing a quick web search. There are a variety of factors involved with estimating the true value of a mobile home, so let’s break down the most important ones.
How are mobile homes appraised?
Real property mobile homes are appraised using the Uniform Residential Appraisal Report, Form 1004C, specific for mobile or manufactured homes. Appraising a real property mobile home involves an inspection of its interior and exterior, for one. Real property mobile home appraisals also involve comparing such homes to at least three similar homes that have sold in the recent past, plus two listed homes. As with site-built homes, mobile home appraisals add properties' repair conditions to sales of comparable homes to derive their ultimate values.
How to value a mobile home?
To properly value a mobile home, an appraiser must first visit the dwelling and determine its overall condition and any repairs needed. Appraisers look at mobile homes' roofs, heating and cooling systems, their square footage and their general state of repair, at minimum. Blue book-style mobile home valuation guides require appraisers to make conditions adjustments ranging from excellent to poor to derive their values. Generally, a personal property mobile home's valuation states a total adjusted retail value that includes any optional equipment.
What is housing assistance?
Housing Assistance. By Tony Guerra. A lot an be said for a mobile home in terms of affordability, amenities and, increasingly, their quality. More properly known as manufactured homes, mobile homes come in three standard widths and are built in factories. When new, manufactured homes are priced and sold according to their manufacturers' policies ...
Do mobile homes lose value?
Mobile Home Values. A perception exists that all mobile homes lose their value over time, but that's not completely accurate. A mobile home sitting on land also owned by the homeowner generally holds its value or at least depreciates at a slower rate than a mobile home on leased land.
Is a mobile home a real property?
Mobile homes permanently affixed to foundations are normally appraised as real property. A mobile home not permanently affixed to a foundation is personal property, and its valuation is different from an appraisal of a home or a parcel of land.
How much does it cost to appraise a mobile home?
For a more precise appraisal, visit the NADA website and fill out an appraisal form, but expect to pay around $26. For an exact appraisal of your home in its current condition, hire a local appraiser or real estate agent. For information from our Real Estate reviewer about getting an appraisal, read on!
How to find the price of a mobile home?
Make sure to look at how much comparable mobile homes have sold in your area. You can find the sale price at your county recorder’s office or by looking at websites such as Zillow.
What to do if you disagree with an appraisal?
If you disagree with something in the appraisal report, bring it to the appraiser’s attention. Write a letter laying out what you think the appraiser overlooked.
How much does an appraisal cost?
A typical appraisal takes a few hours and costs around $500. Most of the appraisal will be done away from the property. Expect the meeting at the property to take about 10 minutes. The appraiser will measure the home, take inside and outside photos, ensure systems are working, and recommend any needed repairs.
How to tell if a mobile home has a leak?
Roof. Look for signs of a leaky roof inside the mobile home. In particular, water damage should show on the ceiling or walls.
What are some features that increase the value of a mobile home?
You should identify anything that would make your home desirable, including the following: Quality of the neighborhood. For example, you might be in a well-maintained neighborhood that isn’t overcrowded. If so, your home’s value should increase.
How to calculate resale value of mobile home?
Probably the easiest way to calculate the re-sale value of a mobile home is to look up its book value. However, if you are selling your mobile home along with land it sits on, then you need to account for the land’s value. Perform some research instead. You can compare your home to other mobile homes that have sold in your area recently. You may also hire an appraiser.
What is MH appraisal?
Appraising Manufactured Homes. Manufactured homes (MH) are a popular housing choice in many parts of the country, and the appraisal is a critical part of the lending process. However, requirements vary from those for site-built homes.
What does the MH Advantage sticker mean?
The MH Advantage sticker indicates that the home meets the program’s structural requirements.
Do appraisers use MH Advantage?
Appraisers must use MH Advantage homes for the comparable sales when available. If MH Advantage sales are not available, appraisers must supplement with the best and most appropriate sales available, which may include site-built homes, as well as standard manufactured and modular homes.
Who can use a manufactured home report?
As you can expect, this type of report can be used by any professional involved in the sale of manufactured homes. From appraisers to community owners to lenders to retailers. Private property sellers/buyers can also make use of it if they don’t mind paying a bit extra for increased accuracy.
How to get a ballpark figure for a mobile home?
You can get a ballpark figure of your home by doing your own research by looking at similar home’s prices. Listing sites like MHVillage might be helpful, the market conditions, and talking to mobile home realtors, etc.
What is National Appraisal Guides?
National Appraisal Guides, Inc., a subsidiary of J.D. Power, is one of the largest publishers of pricing and information for a host of items including cars, motorcycles, RVs, boats, and mobile/manufactured homes. They act as the unofficial “blue book” of these types of items for the NADA, with most of their conclusions based on NADA’s research.
How to find out your home tax?
Check your tax statement: To assess your taxes, your local tax administration places a value on your assets, including your home. These records are public and you should be able to find them on your local tax authority’s website or by contacting their offices. However, this is usually lower than market values.
What is the blue book for mobile homes?
However, the NADAguides blue book for mobile homes is the most prominent one. Ultimately, it becomes the unofficial/official mobile home ‘blue book.’. Lastly, lenders, insurance companies or even tax agencies may also have their own blue books that they use.
Do you need to take measurements of your home?
As you can see, you should know most of this information out of memory for your own home. At most, you will need to take the exterior measurements of your home and count a few of your appliances/fixtures.
