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Old 02-22-2007, 10:20 PM
 
Location: Anywhere but here!
2,798 posts, read 8,969,603 times
Reputation: 1685

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Hello,
I am in Arizona. I was wondering if anyone out there has knowledge of this situation. A little over a year ago, we purchased a mobile with addons. It was old and pretty ugly and run down. We recently put about $50,000 into. We removed the tongue, stuccoed the entire home etc. The county assessor came out and inspected the home and reclassified it as "modular site built". It is now considered site built, our taxes almost doubled etc. However, we are trying to sell the home. The home was recently in escrow (fell out of escrow for unrelated reasons...very crazy situation and potential buyer wasted almost 2 months of our time and lost us money). Upon trying to get financing the appraisers still wanted to classify it as a mobile, therefore lenders didn't want to lend on the home. We have finally found at least 1 lender that WILL lend on the home, however, we have known numerous people in the last couple of years that have bought mobile homes that have been reclassified after being stuccoed etc. Does anyone have any suggestions or input on how to get the appraiser to change their report? or??? Any other input here?
We have definately learned one thing...we would never try to rennovate a mobile home again. It would be more cost effective to just tear it down and start over. But hey...they place looks awesome!
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Old 02-23-2007, 10:22 AM
 
16,765 posts, read 21,432,912 times
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depending on your profit margin, would it be worth putting a foundation underneath it?
modular homes, with a fixed foundation, are much more attractive, than a portable trailor
good luck!
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Old 02-23-2007, 11:39 PM
Status: "Springing back" (set 21 days ago)
 
Location: Montana
2,203 posts, read 8,092,764 times
Reputation: 1091
Is the mfg'd home on a stem wall? If not, then you can have it "retrofit" for about $3,000 and it will then qualify for VA and FHA financing. And if it's a double-wide (vs single-wide) it will qualify for conventional financing, too. The one caveat - it has to have been built after June, 1976.

It sounds like the problem may be with the appraisers. I think if it can be considered a modular site-built, then that should actually help you get a better price and easier financing. I'd talk to some lenders that are really familiar with mfg'd home financing options. They should also be familiar with how their appraisers classify the home (mfg'd vs site-built modular). Don't know what part of AZ you're from, but up here in Prescott we've got several lenders that really "know their stuff" when it comes to mfg'd home financing.

Last edited by Gretchen B; 02-23-2007 at 11:40 PM.. Reason: correct typ0
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Old 02-23-2007, 11:57 PM
 
Location: Anywhere but here!
2,798 posts, read 8,969,603 times
Reputation: 1685
Quote:
Originally Posted by Gretchen B View Post
Is the mfg'd home on a stem wall? If not, then you can have it "retrofit" for about $3,000 and it will then qualify for VA and FHA financing. And if it's a double-wide (vs single-wide) it will qualify for conventional financing, too. The one caveat - it has to have been built after June, 1976.

It sounds like the problem may be with the appraisers. I think if it can be considered a modular site-built, then that should actually help you get a better price and easier financing. I'd talk to some lenders that are really familiar with mfg'd home financing options. They should also be familiar with how their appraisers classify the home (mfg'd vs site-built modular). Don't know what part of AZ you're from, but up here in Prescott we've got several lenders that really "know their stuff" when it comes to mfg'd home financing.
Thanks for the reply!
I'm in Bullhead City, however, I would assume your lenders would be able to lend in Bullhead as well correct? Country Wide is the one I know will lend on the home, but there were a couple of others that would not because the appraisers say they have to put it as a mobile. It is pre 1976 (1960's) and is a wa a singlewide but everything has been redone. All new wiring, plumbing etc. When you look at the outside, you cannot tell it ever was a mobile. On the inside, when you enter, you enter into the living room and 2 of the bedrooms are "sunken" down 2 stairs. If you want to see it you can either view mls# 780294 or List #06-7798. I don't know why there are 2 different numbers...but it has just been relisted this last week.
If you think you know lenders that will lend please pm me so I can give list to the realtor...I really appreciate your input!
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Old 08-14-2007, 03:39 PM
 
1 posts, read 22,307 times
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Question Mashiya

Quote:
Originally Posted by Gretchen B View Post
Is the mfg'd home on a stem wall? If not, then you can have it "retrofit" for about $3,000 and it will then qualify for VA and FHA financing. And if it's a double-wide (vs single-wide) it will qualify for conventional financing, too. The one caveat - it has to have been built after June, 1976.

It sounds like the problem may be with the appraisers. I think if it can be considered a modular site-built, then that should actually help you get a better price and easier financing. I'd talk to some lenders that are really familiar with mfg'd home financing options. They should also be familiar with how their appraisers classify the home (mfg'd vs site-built modular). Don't know what part of AZ you're from, but up here in Prescott we've got several lenders that really "know their stuff" when it comes to mfg'd home financing.
I am also looking for a lender to lend on a mobile built in 1975, in good condition and also on a half acre, the land and mobile are currently owned free and clear but I am looking to take some cash out as an investment. If you know of anything please contact me. Thanks
Mashiya
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Old 08-14-2007, 08:57 PM
 
Location: Beautiful East TN!!
7,281 posts, read 18,466,811 times
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Here is what I have been told by both National lenders(many) and local appraisers (TN). Once a mobile, always a mobile. If that one or two main metal beams that run the length of the house (the first item put down and built up from there at the factory) is seen by an appraiser, and yes they look for it if they even think it is/was a mobile, it has to be classified as a mobile.
This includes mobiles on permanent foundations.
I would fight that at the county level tax wise, that is just wrong to tax it as a modular or anything else in my opinion.

Quote:
Originally Posted by Mashiya Rodriguez View Post
I am also looking for a lender to lend on a mobile built in 1975, in good condition and also on a half acre, the land and mobile are currently owned free and clear but I am looking to take some cash out as an investment. If you know of anything please contact me. Thanks
Mashiya
Try your local banks. They are more likely to finance on them than national lenders.
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Old 08-14-2007, 09:14 PM
 
Location: Home is where we park it.
3,091 posts, read 8,100,126 times
Reputation: 3128
If it still has the axles underneath, even if the wheels have been removed, it is still considered a mobile(manufactured) home, even on a permanent foundation. What the standard lenders are willing to loan on at that point is the LAND not the house.

Also, there is a code attached to the house in the kitchen on the inside of a cabinet somewhere that will give you all the info you need. That code will tell an appraiser at a bank if it's truly a mobile or modular home. Standards of lending on the two are completely different. Liz
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Old 08-14-2007, 09:33 PM
 
Location: Jax
8,204 posts, read 31,128,843 times
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Quote:
Originally Posted by mbmouse View Post
Once a mobile, always a mobile.
That's the truth !

AMBRO is a lender who will loan on a mobile (unless somethings changed).

Expect higher rates, expect shorter terms (often only to 20 years).
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Old 08-14-2007, 10:11 PM
 
Location: New Mexico
631 posts, read 2,063,293 times
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I have just a small bit of experience with manufactured home vs site built. I would agree to always a mobile.

It seems like what we run across is, either it's on a permanent foundation or not. Was the title actually "deactivated" to consider it real property vs. personal property in which you pay taxes at the DMV, and was the tongue removed.
We also run across never finding a lender to loan on them regardless.

As for taxes perhaps check with the state assessors office for the rules and see if there is a challenge to be had.
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Old 08-14-2007, 10:40 PM
Status: "Springing back" (set 21 days ago)
 
Location: Montana
2,203 posts, read 8,092,764 times
Reputation: 1091
Quote:
Originally Posted by Mashiya Rodriguez View Post
I am also looking for a lender to lend on a mobile built in 1975, in good condition and also on a half acre, the land and mobile are currently owned free and clear but I am looking to take some cash out as an investment. If you know of anything please contact me. Thanks
Mashiya
I'm not in the mortgage business, but what I've been told is that you can't do a refinance on a single-wide, and I'm assuming a Pre-HUD single-wide would be nixed immediately. If your single-wide is "permenantly affixed", then I don't think you'd be able to refinance just the land. You mention being on a 1/2 acre. Is that splittable into a smaller parcel? If it is, I wonder if you could do something creative along those lines.
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