Is it legal to appraise a Manufactured HUD code home as a Modular home

[Francine Polite]

I purchased a home in Pennsylvania and it was appraised as a modular home, and that is what I wanted. I recently tried to sell it and the buyers inspector informed me it was a Manufactured HUD code home. My realtor says I can't sell it as a modular home and I won't get as much for it. I won't even be able to get enough to pay off the loan. I only bought the house 9 months ago. I think I was scammed. Is there anything I can do?

[rmurray]

Appraiser rules are different in each state...search the laws in your state to determine what they might be...
Lenders also have rules of the appraisor..but..if he/she violated them all that can happen is the lender ban them from future business..
Is this the same real estate person you bought the home from???????...Your real estate person does not establish a market value..only buyers do that...The value of this home has little to do with which inspector looked at it..than the market in your area now...
You might have some legal recourse with the original seller and/or appraiser (they have insurance for this) but you will have to talk to a local real estate attorney concerning the laws in your state...

With real estate commissions at 7% (7% when you bought..7% when you sell for a total of 14%)..and loan closing costs at about 6%...That means all most anyone buying and selling in 9 months will lose money..lots of it..no matter what kind of home you have..With resale market appreciation averaging 3.5% nationally..It would take 5 or more years to break even..no matter what kind of home you have..

[Francine Polite]

thank you for the information

[darrell]

no it isnt you need to file suite on the appraisal company. what most likely happened is if it would have been appraised as hud to begin with, it wouldnt have been high enough to do teh loan.

most likely the manager of the lot had the appraiser in his back pocket so to speak. appraiser does shady appraisal and gets kick back form manager afetr deal is done.

bottom line a hud cannot be legally appriased as a mod.

i am no lawyer but im willing to bet you can take it to court and get out of teh loan completely