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  1. #16
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    Re: Modular Home Companies

    Quote Originally Posted by KnappShack View Post
    It does seem like there's a lot of confusion between modular and manufactured.

    Since there's confusion would that hurt the marketability when a person goes to sell the property?
    That's actually a really good question. One interesting thing about that is that Fannie and Freddie consider both modular and stick built homes as the same quality, and they don't distinguish between the two in their policies. And as far as I know there is no question on the disclosure statement that specifically asks "Is this a stick built vs modular". So my guess would be that in a lot of situations a prospective buyer may not even know.



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    Re: Modular Home Companies

    We also are a dealer of Amwood homes. Just giving you some options! Good luck on your search!



  3. #18
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    Re: Modular Home Companies

    Quote Originally Posted by Cyclonesince78 View Post
    That's actually a really good question. One interesting thing about that is that Fannie and Freddie consider both modular and stick built homes as the same quality, and they don't distinguish between the two in their policies. And as far as I know there is no question on the disclosure statement that specifically asks "Is this a stick built vs modular". So my guess would be that in a lot of situations a prospective buyer may not even know.
    The Fannie Selling Guide seems to say the Appraiser must be aware of the features that affect the quality of the modular home and include in the appraisal if needed to support the value.

    It also seems to say the appraisal must address the marketability and comparability of modular homes.

    If that's the case then any marketability and/or quality issues would be addressed with the appraisal.

    Of course I'm reading this on about a 2 point font from a cell phone so I could be wrong.


    Last edited by KnappShack; 05-29-2014 at 11:09 PM.

  4. #19
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    Re: Modular Home Companies

    Quote Originally Posted by KnappShack View Post
    The Fannie Selling Guide seems to say the Appraiser must be aware of the features that affect the quality of the modular home and include in the appraisal if needed to support the value.

    It also seems to say the appraisal must address the marketability and comparability of modular homes.

    If that's the case then any marketability and/or quality issues would be addressed with the appraisal.

    Of course I'm reading this on about a 2 point font from a cell phone so I could be wrong.
    Not really.

    The first sentence just says that the appraiser must be "aware". Typical gov't vagueness. Yeah ok, I'm sure the appraiser is aware.....check.

    The second sentence doesn't actually say that the appraiser has to use other modular homes as comps, it says it has to address the comparability and marketability. So unless the house was built badly.....that's a check too.

    If the person that is buying isn't fully aware that the house is a modular home, he would be though if they chose to read the appraisal.....


    Last edited by Cyclonesince78; 05-29-2014 at 11:18 PM.

  5. #20
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    Re: Modular Home Companies

    As much as I have defended modular homes in this thread. The point that Knappshack raised regarding marketability to sell the house is probably the main issue that I personally would have to cause me not to buy one. Even though it's undeserved, there is no question that there is a negative stigma associated with these type of homes.



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    Re: Modular Home Companies

    Why do so many people care about Freddie and fannie? Their interest rate was higher than my bank.


    Quote Originally Posted by CycloneRulzzz View Post
    mtown is among the worst to ever play this game.


  7. #22
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    Re: Modular Home Companies

    Quote Originally Posted by mtowncyclone13 View Post
    Why do so many people care about Freddie and fannie? Their interest rate was higher than my bank.
    That's probably a question for a different thread. That being said, I'm a little skeptical to your post, I'm guessing you have some sort of a short term loan (10 years or less?), or ARM/Baloon product. Secondary market rates with Freddie/fannie are very low right now.



  8. #23
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    Re: Modular Home Companies

    Quote Originally Posted by Cyclonesince78 View Post
    Not really.

    The first sentence just says that the appraiser must be "aware". Typical gov't vagueness. Yeah ok, I'm sure the appraiser is aware.....check.

    The second sentence doesn't actually say that the appraiser has to use other modular homes as comps, it says it has to address the comparability and marketability. So unless the house was built badly.....that's a check too.

    If the person that is buying isn't fully aware that the house is a modular home, he would be though if they chose to read the appraisal.....
    The guide specifically says the other comps do not need to be modular. So throw in government vagueness with an appraiser playing CYA and it's another day in mortgage.

    If the OP is comfortable with the quality of the construction and the subject will be marketable when it's put up for sale then fire away. Congrats on a home purchase!

    I was fairly impressed I could dig out anything with one eye open and searching 1200+ pages with a cell phone. I'm going to make a promise to myself to never look at Fannie unless I'm getting paid


    Last edited by KnappShack; 05-30-2014 at 12:18 AM.

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    Re: Modular Home Companies

    My aunt and uncle put a modular on their acreage outside Monticello. Wonderful house that you would not know was modular unless they told you and showed you the seam.



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    Re: Modular Home Companies

    Quote Originally Posted by wxman1 View Post
    My aunt and uncle put a modular on their acreage outside Monticello. Wonderful house that you would not know was modular unless they told you and showed you the seam.
    I bought our home 6 years ago. It is a modular and you can tell that it is but really does not bother me. Where our house is located the arear sells itself. We even refinanced 3 years ago and it appraised out just fine. Ours was built in 72 and still is just fine.



  11. #26
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    Re: Modular Home Companies

    Thanks for all the information and opinions. I'll agree that some I've seen really scream modular. Mainly because of the roof pitch, plain elevations, and lower quality finishes. On the other hand some are difficult to tell from higher quality site built homes as some have said. I guess you get what you pay for as with anything.
    I heard of one company in the thread I hadn't heard of before and got a response from a dealer so great help so far.
    Thanks again.



  12. #27
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    Re: Modular Home Companies

    Quote Originally Posted by JoshTheCyclone View Post
    I'm actually a dealer of All American Homes, feel free to pm me if you've got some questions. I'm in enemy territory (Iowa City) as my fathers having surgery at the hospital here tomorrow. Here until at least saturday morning so I may not reply quickly since I wont have my computer on me as I generally would at home.
    I hope things go well with your father. If you wear a nose plug and take some pepto before you get too close to ia city it will help tolerate the unavoidable visit. I'd destroy all clothing and disinfect yourself before you go back into your house though.
    Thanks, I'll pm you for your contact info.



  13. #28
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    Re: Modular Home Companies

    As a real estate appraiser in SE Iowa I suppose I should add my two cents worth. First, I don't know what area you are looking but don't overpay for the land. Land values are a very fickle thing and the hardest part of what I have learned for the past 5 years. Most people have a somewhat inflated idea of what land is "worth". For single family use (and I can't do farms because I'm certified residential only) most people aren't going to use much over a couple of acres so the rest of the land has diminishing utility.

    Now back to your main topic. Modular homes generally have the same appeal and marketability as stick built homes. However, again this is based around Ottumwa, IA and your area may be different. Usually a good modular home is hard to tell the difference. Manufacture homes, however, are not as desirable and definitely lose value over time. Manufactured homes are also required to have a HUD tag on both the front half and back half as well as a certificate somewhere inside and you don't wan't to lose that paperwork. There were some modular house desgins, say in the late 70's that are a standard Wick modular and I can usually tell as soon as I walk in to the house. Having said that, I usually don't see much difference in value all things considered.



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    Re: Modular Home Companies

    Quote Originally Posted by ISUFAN80 View Post
    I bought our home 6 years ago. It is a modular and you can tell that it is but really does not bother me. Where our house is located the arear sells itself. We even refinanced 3 years ago and it appraised out just fine. Ours was built in 72 and still is just fine.

    Boston?



    Sorry, not grammar police, it just struck me funny.



  15. #30
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    Re: Modular Home Companies

    Quote Originally Posted by ArgentCy View Post
    As a real estate appraiser in SE Iowa I suppose I should add my two cents worth. First, I don't know what area you are looking but don't overpay for the land. Land values are a very fickle thing and the hardest part of what I have learned for the past 5 years. Most people have a somewhat inflated idea of what land is "worth". For single family use (and I can't do farms because I'm certified residential only) most people aren't going to use much over a couple of acres so the rest of the land has diminishing utility.

    Now back to your main topic. Modular homes generally have the same appeal and marketability as stick built homes. However, again this is based around Ottumwa, IA and your area may be different. Usually a good modular home is hard to tell the difference. Manufacture homes, however, are not as desirable and definitely lose value over time. Manufactured homes are also required to have a HUD tag on both the front half and back half as well as a certificate somewhere inside and you don't wan't to lose that paperwork. There were some modular house desgins, say in the late 70's that are a standard Wick modular and I can usually tell as soon as I walk in to the house. Having said that, I usually don't see much difference in value all things considered.
    If it's a modular home are you required to put that in the appraisal report?

    And if you're not required, do you still put it in the appraisal report?



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