Mobile Home Loans and Manufactured Home Production topics.
In order to determine this value you must first identify what you actually have.
Do you have a manufactured home,mobile home or modular home. It sounds like you have either a manufactured or an RV/mobile home. What year was it made? Prior to 76 the value drops off the map as there is no available financing for it outside of creating a note on it and selling the note.
Appraisals are supposed to shield manufactured home buyers from paying too much and lenders from overestimating the value of their collateral. If appraisals come in too high, mobile home buyers may overpay, making defaults more likely. If they are too low, it becomes hard to sell or refinance the manufactured home. Many real-estate agents and builders say that the pendulum has swung too far toward caution, and that undervalued appraisals threaten to prevent or prolong any recovery in the housing market.
In addition, to make a living in these difficult times, appraisers are driving longer distances to handle more assignments. This raises the qurestion: Does the appraiser even know enough about the mobile home parks to accurately assess the value of the manufactured homes. This has implications for both home buyers and owners, because if the home is undervalued they will havea very difficult time refinancing their manufactured home loan.
