At recent Flint Chapter Women's Council of Realtors meeting, modular and manufactured homes were discussed.
Modular and Manufactured Homes are built in a factory. The factory is climate controlled. Great building conditions and assembled on the property.
Modular homes are appraised same as a stick built. It is possible for a 2nd homeowner, Realtor® Appraiser and Home Inspector not to be able to identify the home is a modular home. When the modular home is put on the foundation, it's the same as a stick built home. Modular homes are made to BOCA code, conforms to city and township building codes. The modular home is financed the same as stick built home.
Manufactured homes depreciate very quickly. A manufactured home contains tags on each outer section and in the inside. The tag on the inside of manufactured homes can be placed in the cupboards, on the furnace room door, the electrical panel and many other places. The tag contains the serial number, make, model, vin and year built. The tag information is needed for financing. The manufactured home is titled as a car with the secretary of state.
If the tags are removed, a surety bond must be purchased and the proper paper work filed to clear the title.
For most types of financing, the manufactured must have an engineered inspection. This inspection assures the lender the wheels are gone and the home affixed to the property and cannot be moved.
The next step for a manufactured home is the affidavit of affixture. This document removes the title forever. The manufactured home becomes part of the real estate. Most title companies will take care of this paper work.
Thank you to Ben Guzak of Allied Appraisers and the Citizens Bank crew...
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