Mobile home appraisal |Q and A

<<>> Who provides a mobile home appraisal?

Manufactured home appraisals are provided by real estate appraisers. Any license or certified appraiser can provide a manufactured home appraisal. Companies that sell these homes will use special books called NADA guide to manufactured homes to determine the value of a mobile home. If the home is considered REAL property, the home will be appraised with the land that it is located on and all improvements that are located on the land. This will include garaging, outbuilding, fencing, and the home.

The definition of real property is defined by your county, so ask your county how to make your home “real property.” Most of the time, this means following a set of guidelines to make your home real property. Most of the time, this includes removing the hitch, wheels and axle of your home and tying down your home.

How does an appraiser complete a mobile home appraisal?

The appraiser will look at the home and look up public records to be sure that the home is considered real property. In most cases, the home will need to be properly tied down and the wheels and axle removed to be considered real property. If this is the case, the home can be appraised using other mobile homes or manufactured homes in the area. The appraiser will use the comparable sales approach to value to determine the value of your mobile home. If your home is a single wide, this is what will be used to determine your home value. If your home is a double wide, then the use of double wide manufactured homes will be used to determine your home value.

When do you need a mobile home appraisal?

You will need a mobile home appraisal if you are planning to sell or refinance your home. The bank will hire an appraiser when you are refinancing. The hardest part about refinancing your mobile home is trying to find a lender that will help you. I've appraised mobile homes and manufactured home. Many times when I find a lender that completes these, they will quite financing them for one reason or the other. Sometimes, one of the best places to find someone to refinance your manufactured home is where you purchased it. Sometimes they offer in-house financing.

Some of the most important criteria to remember when refinancing a mobile home.

Always leave the tags located on the outside of the home ON the home. These are rectangle tags, usually red in color that are located on the end of the mobile home of each piece. DO NOT REMOVE THESE OR PAINT OVER THEM.

The second most important paper to keep is the paper that looks like a map of the United stated. This is a one page piece of paper that is usually located on the sink and sometimes near or in the breaker box. DON'T REMOVE THIS PAPER. If these two items are left attached to the home, you will have an easier time refinancing or selling your home. If your buying the home, don't buy it until these items are taken care of.

Here's a list of articles to help you understand mobile and manufactured homes.

Case studies