Why might you need an appraisal for your manufactured home loan? How do appraisals work for in park, private land and land/home?
In many cases, ValueLoans.com needs a professional, independent appraisal of the property you want to buy or refinance to ensure that it is worth at least as much as they are being asked to lend on it. If you are making a smaller down payment and have a lower credit score, ValueLoans.com is going to be even more interested in making sure the property that will be collateral for the loan is worth lending the amount requested. Manufactured home loans require specialized appraisals and that appraiser must come from our approved appraisers list.
In preperation for your manufactured home loan, ValueLoans.com will hire an approved, professional, independent appraiser who will usually visit your home and inspect its interior and exterior. The appraiser doesn't want to buy your home, and isn't a visiting head of state. So whatever you do, do not postpone the appraisal until you get a chance to "clean up a little." Cleaning does not make your appraised value higher! And delaying adds time to an already lengthy process.
The appraiser will form an opinion on the probable market value of the property considering sales of similar manufactured homes in the area among other factors. He or she will prepare an appraisal report explaining the conclusion. The appraisal belongs ValueLoans.com who is considering lending money with the home as collateral. Often, you can receive a copy of the appraisal either as a courtesy or in keeping with state law. Let us know you're interested and we'll accomodate you.
ValueLoans.com wants to know first of all whether the property is worth at least as much as the loan amount. In the unlikely event ValueLoans.com would have to foreclose, we want to know that we should be able to recoup at least the loan amount. But if your loan program depends on you borrowing, for example, 95 percent of the property's value and no more, the appraisal can impact your eligibility for the loan that's right for you. In a "close" case like that, the best solution is almost always to increase your down payment, or we can help find another solution such as another mobile or manufactured loan program that works out better.
An appraisal can cost from $200 to $500 or more for very complex properties. You as the borrower repay the lender for its cost in paying the appraisal fee upon settlement of the loan.
Why you should get an Inspection
Whether you are buying or selling a manufactured home, you should have a professional home inspection performed. Not only will that make ValueLoans.com more at ease in loaning on the home but it will also release liability and should eliminate getting stuck with a lemon.
A home inspection will look at the systems that make up the building such as:
If you are buying a home, you need to know exactly what you are getting. A home inspection, performed by a professional home inspector, will reveal any hidden problems with the home so that they may be addressed BEFORE the deal is closed. You should require an inspection at the time you make a formal offer. Make sure the contract has an inspection contingency. Then, hire your own inspector and pay close attention to the inspection report. If you aren't comfortable with what he finds, you should kill the deal.
Likewise, if you are selling a home, you want to know about such potential hidden problems before your house goes on the market. Almost all contracts include the condition that the contract is contingent upon completion of a satisfactory inspection. And most buyer's are going to insist that the inspection be a professional home inspection, usually by an inspector they hire. If the buyer's inspector finds a problem, it can cause the buyer to get cold feet and the deal can often fall through. At best, surprise problems uncovered by the buyer's inspector will cause delays in closing, and usually you will have to pay for repairs at the last minute, or take a lower price on your home.
It's better to pay for your own inspection before putting your manufactured home on the market. Find out about any hidden problems and correct them in advance. Otherwise, you can count on the buyer's inspector finding them, at the worst possible time.
Chattel (in park mobile home appraisals)
When getting an in park appraisal you need a leading appraisal firm specializing in manufactured & mobile home appraisals in leasehold parks & communities. These manufactured homes and mobile homes are considered "Chattel", a term used when the homeowner does not own the land. A customers is commonly located in mobile home parks and communities. These Chattel Appraisals are the same for manufactured or mobile homes that are on private property where the mobile home and the land are not tied together by deed or title. These types of manufactured homes are considered "Personal Property". Chattel appraisers must be from our approved appraiser list.
VALUELOANS.COM
Bringing Value Back To Manufactured Lending!
877-VALUE69 / 310-534-2041
RETURN TO HOME PAGE
Or visit our parent and sister companies
LoanJunction.com MobileHomeLoan.biz USAParkLoans.com
The Manufactured Lending Where Mobile Home Loans are Focusing On America's In Park
Pioneer Who Began It All. Our Only Business! Manufactured Home Financing!
I-MobileHomeLoans.com GreatMobileHomeLoans.com
The internet one stop shop for all that The Name Says It All. Nothing But Great
is Manufactured Finance & Refinance. Manufactured Home Loans Nationwide.
BadCreditJunction.com EZMobileHomeLoan.com NewHomeJunction.com
Offering 2nd chance mobile home America's easiest mobile home Providing new manufactured factory
loans to troubled credit borrowers loans...guaranteed! homes and realtor listing services.
E-MobileHome.com Chattelloan.com
When it comes to mobile homes and Offering low rate & low fee
mobile home loans we won't be beat. loans on moveable property.
QuickMobileHomeLoans.com FastMobileHomeLoans.com
Quick is the way we process our chattel loans. Close your in park loan in as little as 7 days
Ask about our on time loan guarantee. upon receipt of all your paperwork.