The Manufactured Housing Forums

I purchased a home in November 2003,and it was appraised as a modular home. Due to personal issues I have to sell it. I had a potential buyer who had an inspection done on my house last week. The inspector told them that my home was a mobile home not a modular home because it has HUD code plates. The County Recorders Office has it listed as a ranch which to me could mean anything. After researching on the internet I found out where I could look in the house to find out information on the builder. I contacted the builder and they said they just started building modular homes last year, and there is no way my home could be modular if it is 15 years old. I contacted my finance company and they don't want to help they just want there money. My realtor said that as a mobile home my house is less valuable and I wouldn't even be able to get what it was appraised for in October. Does anyone have any advice for me? I'm looking at foreclosure right now, and the lost of my $22,000 down payment if I can't sell.

I am not too sure you are getting good advice...Generally with land..manufactured and modular homes will appraise near each other...Maybe you should have an appraisal done yourself....Also..you should list the home..appraisals are only necessary if there is mortgage finance....Many homes are sold cash everyday...

Since the appraisal is so new..there might be some liability with the last seller of the home and the appraiser him/her self...Appraisers do have errors and omission insurance for just this kind of problem..The closing agent..attorney and/or title company might also have some liability here as well..

You need to talk to an attorney about your states interpretation of the laws here and what if any liability the previous seller, closing agent and appraiser might have..Professionals like appraisers and real estate brokers are not supposed to make this kind of mistake..Even previous owners could still be liable if they knew the home was a manufactured home and intentionally misrepresented it..

The selling process can take a long time..I would concentrate on paying my payments..to protect your large investment...Since your first payment was only 7 months ago...it should not be likely that you are facing foreclosure any time soon..You are right..lenders lent you money and all they expect is money in return..

Time to get some good advice from local legal pros...Good Luck

I absolutely agree with Murray's recommendation. You purchased the house on the basis of a Lender-requested appraisal which means the Lender (and you) both accepted the appraiser's report of the property being a MODULAR home.

Do you have a copy of the appraisal? Did you work with a mortgage lender direct or with a mortgage broker? Who ordered the appraisal?

You stated that an "inspector" advised that your home is a mobile home. What "inspector"? From what Agency? As far as a buyer and a Lender is concerned their decisions are based on what a Licensed Appraiser reports, and Lender's always have a right reserved to order a field review if they have any doubts about the provided appraisal.

YES... go consult with an experienced REAL ESTATE attorney bringing all relevant documents with you since from what you have told us this could well involve an action against the appraiser (brought by you AND your Lender) and it could well bring into question the validity of your mortgage loan if the underlying security (the property) was incorrectly appraised.