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Appraised value on frame modular

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Appraised value on frame modular

Postby » Thu Jul 10, 2008 2:40 pm

I live in the state of south carolina, and bought a on frame modular home in 2005. Our home is on a permanent foundation. My wife and i had appraised the home 1 year later and had drop its value by 50,000 dollars. The market value of our home is low at this time and to sell at this time would hurt us. Also had a home insepection done in 2007 and the results are considered as manufactured home. Has any one else run into this situation?
hero offline
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Joined: Thu Jul 10, 2008 1:26 pm

Re: Appraised value on frame modular

Postby » Thu Jul 10, 2008 2:57 pm

An appraisal is based on what the last few homes like yours, in your local area have sold for. Due to the over supply of homes for sale in many markets the appraised value of all types of homes has dropped over the last few years. Remember economics 101? Supply and Demand... as the supply increases or demand decreases price goes down. At this time we are looking at both increased supply and decreased demand. Home owners desperate to sell in the current climate have been dropping their prices... some even below what they paid, in order to get out from under the payments. This tends to decrease appraised prices of ALL homes in your market.

For more info see the following in our free articles section:

Real Estate Appraisal Secrets - Appraisal Standards and Processes

Appraisal vs.Market Value: How to Avoid Pitfalls in the Sale of Your Home
David Oxhandler
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David Oxhandler offline
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Re: Appraised value on frame modular

Postby » Thu Jul 10, 2008 3:47 pm

There must have been an appraisal done in 2005 when you bought the home...Have you discussed the value with the original appraiser? Maybe appraisal rules may have changed in your state. In can say that by law ON FRAME modulars are appraised using ONLY manufactured home comparable in SC and GA..As a matter of fact there is NO on frame modular in GA anymore but older models are appraised using manufactured home comps..

All this means your home is compared with other similar manufactured homes in the area and their resale prices. At one time appraisers were aggressive in values but since the mortgage crisis they have been much more conservative especially since many appraisers have been charged with federal crimes for their past appraisals.

Sounds like you are a victim of the times...Take care of your home, enjoy it and expect to stay in it a while..
rmurray offline
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