Appraisal Value?

[Melissa Clark]

My fiancee and I are in the middle of purchasing a manufactured home. We have selceted the home which is a 4 bedrrom 2 bath 2000sf fleetwood. It has very nice features. Our land is about a 1/4 acre in a new double-wide only community. Our final financing total came to $140,000. That is with the driveway, sidewalk, and landscaping. Our lot is also waterfront.

Now we are waitng on the appraisal and are nervous. The guy at the bank says that it will have to appraise for 140k, or we will not be able to finance. I understand the reason for this. BUT, do manufactured homes like this value that high?

Thanks for any help...

[rmurray]

Appraisals are dependent on location and comparable properties...Also..appraising is much more an art than a science..various appraisers will have different concluesions...

Is there a dealer involved...if so he will know those appraisers that specialize in manufactured homes..They would be best for you...

I have recently seen appraisals near this amount with no water..You should have no problems..Good Luck

By the way...you can do the financing even if the appraisal is a little lower...by adding downpayment...or leaving off options that do not effect the appraisal and lowering the loan amount...

[crystal]

i was needing to know how much the value on a 1995 legend mobile home 3 brs 2 bath or wat it would be worth before i purchase this home
thanks crystal

[rmurray]

The value of the used home is what ever you as a willing buyer and them as a willing seller come to terms on..

I assme you have shopped your area..How does the asking price rate with otrher similar home...If it seems right, you like the home,you can afford the home...Go for it...

Good Luck..