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The realtor has it listed as manufactured. It is on our lot (3 acres). The mortgage company ended up obtaining the model name. (ridiculous they would need that considering I had the model # and the vin #) The faucet had a leak so we put on a new faucet and it is fine. NOW the mortgage company wants the receipt. I dont have the receipt. I feel like it is one STALL after another. It seems they do not want to give this person a mortgage.
They just want evidence that the faucet was fixed.
manufactured homes on owned land (with a recorded certificate of affixture) are called "real estate", not manufactured homes.
If you say "manufactured home" to a banker, you'll get six kinds of screwed up, but you won't get a loan, not because the homes are "worthless", but because the bankers don't know what they're doing.
to the OP, make sure you have a certificate of affixture & that it's been recorded.
Then, fire your realtor & don't hire one who doesn't know what "real property" is. If you get an offer make sure the buyer knows what a certificate of affixture is and that using the terms "manufactured/mobile or modular" are likely to kink the deal and that they are incorrect.
Any banker they select who says "mobile/modular or manufactured" after hearing the words "certificate of affixture" doesn't know what they are doing. Those are the guys who will waste your time for weeks, and then call asking for a title..
Once a home has been "affixed", it isn't mobile/manufactured, or "modular", it's a piece of dirt with a house on it, just like your neighbor's house, which may be built from old pallets & billboards.
Sorry, no. Once a mobile home, always a mobile home.
dakotasmom2 Here land would be the value, not the mobile home. Because these hold ups appear to be related to the mobile home....Perhaps focus on selling the land, rather than the mobile home...Let the buyers decide what to do with the mobile home.....or donate it.
Sorry, no. Once a mobile home, always a mobile home.
for appraisal purposes, you can certainly consider the structure - for lending purposes, it's real property & qualifies for the same loans as any other piece of dirt with a "house" on it.
I'm actually quite surprised that an appraiser would carry such an obvious bias against manufactured housing. At least with "mobiles", you're guaranteed to meet some standard for building, as opposed to many older "stick built" homes which weren't built to any building code at all.
for appraisal purposes, you can certainly consider the structure - for lending purposes, it's real property & qualifies for the same loans as any other piece of dirt with a "house" on it.
I'm actually quite surprised that an appraiser would carry such an obvious bias against manufactured housing. At least with "mobiles", you're guaranteed to meet some standard for building, as opposed to many older "stick built" homes which weren't built to any building code at all.
I am not biased at all against Man Housing. But the fact is that once a MH, always a MH. And whether or not it is real estate depends on whether or not it is on a permanent foundation with tongue and wheels removed as well as certain local guidelines.
We r wanting to buy a double wide modular with an added on "mud room" and a full size basement and 3 acres of land. Will banks finance them? Also I looked up the taxes and it said 28,000.00. Do they double that to determine the price value like they do a house..or would that b the value of it?
We r wanting to buy a double wide modular with an added on "mud room" and a full size basement and 3 acres of land. Will banks finance them? Also I looked up the taxes and it said 28,000.00. Do they double that to determine the price value like they do a house..or would that b the value of it?
I'm assuming that you meant that you looked up the tax assessment and the State Equalized Value (SEV) was $28,000. The SEV in Michigan is supposed to be 50% of the true cash value--although many properties are over-assessed. You can't rely on the SEV to determine its value.
EDIT: The property should also have a "Taxable Value" which may or may not be the same as the State Equalized Value. Once a property is transferred, if the Taxable Value is lower than the State Equalized Value, the Taxable Value automatically bumps up to the State Equalized Value for tax purposes...so new purchasers often pay considerably more in taxes than the former owners.
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