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 | What form do I use????? |  |
 Posted: Mon Jun 27, 2005 7:06 am |
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| This is an appraisal question. My boss is out of town and I got this assignment, its a lot where they have mobile homes, but this lot does not have a mobile home on it. I need to know what form to use and where do I find empty lot info, the mobile homes are on 99% of area, so do I use one of those lots for comps. Thank-you. |
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| Re: What form do I use????? | |
| Posted: Mon Jun 27, 2005 7:08 am |
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| nemmar |
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| Joined: 19 Jun 2005 |
| Posts: 80 |
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| du-appraiser wrote: |
| This is an appraisal question. My boss is out of town and I got this assignment, its a lot where they have mobile homes, but this lot does not have a mobile home on it. I need to know what form to use and where do I find empty lot info, the mobile homes are on 99% of area, so do I use one of those lots for comps. Thank-you. |
Hello,
You're question is a good one. As always the "As Of" date of the appraisal and the "Highest and Best Use" are the most critical factors in all appraisal reports. Market value is always estimated by the Highest and Best Use for the subject property and the "As Of" date of the appraisal. Since 99% of the lots in this area have mobile homes on them, then the subject property vacant lot H&B Use is for a mobile home on that land. In the H&B Use land is always residual. To estimate the land value by using a residual technique, you have to take sales comps (mobile home sales in that area since they cover 99% of the area) and estimate the cost of only constructing the building, or in this case the cost of constructing/purchasing just the mobile home. After that, you must take out for any depreciation that affected the sale. What you're left with is a RESIDUAL value for the vacant land which is an estimate of the land value.
You can use the URAR form and the URAR Manufactured Home Addendum form 1004C. Remember, that on your appraisal assignments try to look at the subject property as though you were a typical buyer. Some additional information:
APPRAISAL OF MANUFACTURED HOMES (MOBILE HOMES) The appraisal of mobile homes attached to foundations on individual lots relies on the approaches outlined for other residential properties. The appraiser needs a technical understanding of mobile home construction for differences in cost studies. The market data approach works best in this appraisal effort. Mobile home coaches in parks are on rental spaces or fee-owned spaces in a mobile home park subdivision. Again, the general principles of real property appraisal apply, except the appraiser needs the technical background in coach construction to best evaluate quality and features. In many respects, the appraisal of a mobile home on a fee-owned space is similar to residential condominium appraisal. This includes consideration of homeowners association services and fees as well as CC&Rs covering operation of the park and space improvement requirements. Mobile home appraisal is becoming another specialized opportunity in the appraisal profession. This is particularly true in the expanded market for mobile homes as low and moderate income housing. |
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Thanks for joining our forum,
Guy Cozzi
Real Estate From A to Z
Nemmar Real Estate Training |
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