Why do so many people care about Freddie and fannie? Their interest rate was higher than my bank.
Modular Home Companies
- Thread starter Cyfan4good
- Start date
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.
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
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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.
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.
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.
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.
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.
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.
wink:
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?
I don't know that we are required to put it in the appraisal. I usally put it in but how many actually read it or understand is questionable. I usually put something like ... the subject is a Name Modular dwelling with stick built appeal. They are still supposed to have a manufactured certificate somewhere on the inside but they are hard to find sometimes. We really just can't be misleading with any of the info.
