Fannie Mae 1004C Freddie Mac 70B TUTORIALimages.nadaguides.com/mh/1004cTutorial.pdf · Use this...

N.A.D.A. APPRAISAL GUIDES

Fannie Mae 1004C

Freddie Mac 70B

TUTORIAL

4/2004

Dear Subscriber:

Use this 48-page Tutorial for completing the Fannie Mae 1004C/Freddie Mac 70B forms, and the URRARReport Form using the N.A.D.A. Cost Estimate Guide.

Please note: This tutorial is a “work in progress.” Due to continuous changes, you can receive up-to-datecopies as they are developed by calling (800) 966-6232, ext. 237 or ext. 233.

We suggest you visit www.efanniemae.com to obtain a copy of the Announcements 03-06 & 04-07(http://www.efanniemae.com/singlefamily/forms_guidelines/guide_announcements/db_guide_announcements_03.jhtml?&).

In addition, visit www.freddiemac.com to obtain a copy of the Bulletin 2003 6.(http://www.freddiemac.com/sell/guide/bulletins/index.html).

Some enclosed sample pages come from the National Appraisal System’s (NAS)® 126-page MHAppraisal Field Instruction Manual.

_____________________________________________________________________________________

The cost estimate guide was developed by the Guidebook Division of N.A.D.A. and first published in 1973exclusively for the factory built, manufactured housing industry!

· Approved or Recognized ·

1977 - Recognized by DVA (Circular 26.77-11)

1979 - Approved by HUD/FHA (Transmittal 4150.1-27 10/11/79)

The National Appraisal System )NAS) is approved for HUD Title 1 field inspection used and estimatedmarket value (Regulation 1060.2)

For a national database of comparable sales data, contact:Statistical Surveys, Inc., Grand Rapids, MI, (616) 281-9898

See enclosed comparable sales data order form.

_____________________________________________________________________________________

Best Regards,N.A.D.A. Manufactured Housing Division

1/05 V.P.

N.A.D.A.APPRAISAL GUIDESAPPRAISAL GUIDESAPPRAISAL GUIDESAPPRAISAL GUIDESAPPRAISAL GUIDES

Mailing Address: P.O. Box 7800 · Costa Mesa · CA · 92628Corporate Offices: 3186-K Airway Avenue · Costa Mesa · CA 92626(800) 966-6232 · (714) 556-8511 · FAX (714) 556-8715 Page 1

© N.A.D.A. Appraisal Guides

IMPORTANT EXCERPTSFrom Fannie Mae Announcement 03-06

• The manufactured home must be attached to a permanent foundation system in accordancewith the manufacturer’s requirements for anchoring, support, stability, and maintenance. Thefoundation system must be appropriate for the soil conditions for the site and meet local andstate codes. See pages 35-47 for HUD approved foundations.

• The running gear: towing hitch, wheels, and axles must be removed (i.e., off/separated fromthe chassis/frame).

• The appraiser must not include his or her value conclusion on any non-realty items such askitchen appliances, insurance, warranties, furniture, etc.

• The manufactured home must be a one-family dwelling that is legally classified as realproperty.

• Contact appropriate manufactured housing state or local titling agency to verify personalproperty title document surrender.

© N.A.D.A. Appraisal Guides Page 3

SEE ATTACHMENT PAGES 35-48

SEE PAGE

SEE PAGE SEE PAGE

24

155


FANNIE MAE • FORM 1004CAlso applies to Freddie Mac Form 70B (issued 10/3/03)

Manufactured Home Appraisal Report Addendum

28 601,680

AZ MO 28 60M-A 2003

529143 N/AN/A

BA

E

F G

C D

NOTE: If using the NADA CD program, the printed book value form will listthe yellow page number only

For Gray page list “CD”

White page list “CD”

GA

E


—Excerpts —

Title 24 – Housing and Urban Development

CHAPTER XX – OFFICE OF THE ASSISTANT SECRETARY FOR HOUSING – FEDERALHOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Part 3280 – MANUFACTURED HOME CONSTRUCTION AND SAFETY STANDARDS

Subpart A – General

Sec. 3280.1 Scope. [Code of Federal Regulations][Title 24, Volume 5]

[Revised as of April 1, 2001]

This standard covers all equipment and installations in the design, construction, transportation, firesafety, plumbing, heat-producing and electrical systems of manufactured homes which are designed to be usedas dwelling units. This standard seeks to the maximum extent possible to establish performance requirements. Incertain instances, however, the use of specific requirements is necessary.

Sec. 3280.5 Data plate.

Each manufactured home shall bear a data plate affixed in a permanent manner near the main electricalpanel or other readily accessible and visible location. Each data plate shall be made of material what will receivetyped information as well as preprinted information, and which can be cleaned of ordinary smudges or house-hold dirt without removing information contained on the data plate; or the data plate shall be covered in apermanent manner with materials that will make it possible to clean the data plate of ordinary dirt and smudgeswithout obscuring the information.

Sec. 3280.6 Serial number.

A manufactured home serial number which will identify the manufacturer and the state in which themanufactured home is manufactured, must be stamped into the foremost cross member. Letters and numbersmust be \3/8\ inch minimum in height. Numbers must not be stamped into hitch assembly or drawbar.

Sec. 3280.11 Certification label.

A permanent label shall be affixed to each transportable section of each manufactured home for sale orlease in the United States. This label shall be separate and distinct from the data plate which the manufacturer isrequired to provide under Sec. 3280.5 of the standards.

The label shall be approximately 2 in. by 4 in. in size and shall be permanently attached to the manufac-tured home by means of 4 blind rivets, drive screws, or other means that render it difficult to remove withoutdefacing it. It shall be etched or stamped with a 3 letter designation which identifies the production inspectionprimary inspection agency and which the Secretary shall assign. Each label shall be marked with a 6-digitnumber which the label supplier shall furnish. The labels shall be stamped with numbers sequentially.


(Sam

ple

Page

)

Cro

ss In

dex

- Gra

y Se

ctio

nE

ach

of th

e ni

ne re

gion

s ha

s its

ow

n cr

oss

inde

x.

1.In

the

appr

opria

te re

gion

loca

te th

e su

bjec

t hom

etra

de/m

odel

nam

e an

d m

anuf

actu

rer n

ame

onth

is p

age.

2.Fo

llow

this

row

ove

r to

the

“pag

e no

.” co

lum

n.

•Thi

s nu

mbe

r will

dire

ct y

ou to

a p

age

in th

e W

hite

Sec

-tio

n, p

art 1

or S

VS

.

Loca

ted

in A

rizon

a--

----

----

----

----

----

MO

Reg

ion

Gra

y pa

ge--

----

----

----

----

----

----

----

--14

3Th

is d

irect

s yo

u to

Whi

te p

age

------

529

(GR

AY S

ECTI

ON

)

VVVV V

VVVV V

So,

you

’ve

sear

ched

hig

h an

d lo

w, l

ooke

d ba

ckw

ard

and

forw

ard,

eve

n ch

ecke

d yo

ur s

pelli

ng b

ut y

ou s

till c

an’t

loca

te y

our t

rade

nam

e? T

ry th

is:

Look

in th

e in

dex

for t

he m

anuf

actu

rers

nam

e. If

the

man

ufac

ture

r’sna

me

is lis

ted

but y

ou d

id n

ot fi

nd th

e tra

de n

ame,

you

nee

d to

use

the

Supp

lem

enta

l Val

ue S

ectio

n (S

VS).

If th

e m

anuf

actu

rer’s

nam

e is

liste

dan

d di

rect

s yo

u to

a S

VS

pag

e, u

se th

at S

VS

pag

e.

Title

s an

d ot

her o

ffici

al lo

okin

g do

cum

ents

issu

ed b

yfir

ms,

sta

te o

r loc

al a

genc

ies

are

not a

lway

s a

relia

ble

way

to a

scer

tain

a h

ome’

s I.D

., se

rial n

umbe

r, si

ze,

trade

nam

e or

yea

r man

ufac

ture

d.aaaa a

A

Gui

debo

ok

WWWW W


Reg

iona

l Cod

e M

apLo

catio

n! L

ocat

ion!

Loc

atio

n!Th

e re

gion

al c

ode

is b

ased

on

the

curre

nt lo

catio

n of

the

hom

e, N

OT

whe

re it

was

pro

duce

d.

NE

New

Eng

land

Con

nect

icut

Mai

neM

assa

chus

etts

New

Ham

pshi

reR

hode

Isla

ndVe

rmon

t

WN

Wes

t Nor

th C

entr

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wa

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sas

Min

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taM

isso

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orth

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isco

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h A

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elaw

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Geo

rgia

Mar

ylan

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orth

Car

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aS

outh

Car

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aVi

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est V

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ES East

Sou

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Mis

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Tenn

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e

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Wes

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sey

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olor

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B


Subscription Price $100.00 Per YearEach Subscription Includes Three Updated Editions

(January-May-September)

Publisher ..................................................... Don Christy, JrAssistant Publisher ................................. Robin Rae LewisEditorial Director .............................................. Jodi ChristyManaging Editor ................................................... Len SimsEditor ..........................................................Vince PulsipherAssistant Editor ............................................ Sherrie Weller

MANUFACTUREDHOUSING

APPRAISAL GUIDE

N.A.D.A. APPRAISAL GUIDESP.O. BOX 7800 • COSTA MESA • CA • 92628

3186-K AIRWAY AVENUE • COSTA MESA • CA • 92626(800) 966-6232

(714) 556-8511 • FAX (714) 556-8715

Copyright © 2003 by National Appraisal Guides Inc. All Rights Reserved. No part of thispublication may be reproduced, stored in a retrieval system, or transmitted, in any form orby any means, electronic, mechanical, photocopying, recording or otherwise without priorwritten permission of National Appraisal Guides Inc.

The Manufactured Housing Guide of theNational Automobile Dealers Association

Printed in the U.S.A.

JUL.AUG.

MAYJUN..

2003C


Supp

lem

enta

l Val

ue S

ectio

n (S

VS) -

Bla

ck T

ab

This

sec

tion

is u

sed

whe

n:• T

he g

ray

inde

x lis

ts a

n S

VS

pag

e fo

r a s

peci

ficpr

oduc

t, i.g

., A

LL M

OD

ELS

......

......

......

.SV

S 1

2• M

anuf

actu

rer n

ot li

sted

in th

e G

ray

Inde

x or

part

1•T

rade

nam

e of

hom

e is

not

list

ed in

the

Gra

y In

dex

•Wid

th s

ize

and/

or s

imila

r siz

e no

t lis

ted

in p

art 1

•Reg

ion

code

is n

ot li

sted

in p

art 1

•For

mod

ular

cod

ed h

omes

: Whe

n th

e ho

me

is n

otlis

ted

in p

art 1

by

the

“Mod

” cod

e, u

se th

is s

ectio

nto

val

ue a

ll m

akes

and

siz

es, i

n al

l reg

ions

.•C

omm

erci

al o

ffice

con

stru

ctio

n: U

se th

is s

ectio

n to

valu

e al

l mak

es a

nd s

izes

in a

ll re

gion

s. U

se th

eG

reen

Sec

tion,

par

t 3 “C

ompo

nent

Om

it” v

alue

page

s to

adj

ust f

or c

ompo

nent

s no

t fou

nd in

som

eco

mm

erci

al o

ffice

uni

ts.

Reg

iona

l loc

atio

n co

des

do n

ot a

pply

whe

n us

ing

thes

e ch

art p

ages

.

1.S

elec

t qua

lity

cate

gory

for y

our s

ubje

ct h

ome.

2.U

sing

the

char

t at t

he b

otto

m o

f the

pag

e, fi

ndth

e w

idth

alo

ng th

e to

p of

the

char

t.3.

Find

the

year

in th

e le

ft ha

nd c

olum

n.

•Thi

s nu

mbe

r you

will

dire

ct y

ou to

the

Yello

w S

ectio

n.

For h

omes

old

er th

an th

e la

st y

ear l

iste

d, s

ee th

e “O

lder

Hom

es C

onve

rsio

n C

hart”

in th

e G

reen

Sec

tion.

Whe

n us

ing

the

SV

S S

ectio

n:

You

DO

NO

T N

EE

D T

O K

NO

W th

e fo

llow

ing:

1. T

rade

nam

e2.

Man

ufac

ture

r nam

e3.

Loc

atio

n (B

ook

regi

on c

ode)

You

MU

ST K

NO

W th

e fo

llow

ing:

1. S

VS

gra

de q

ualit

y ca

tego

ry y

ou c

hose

2. Y

ear m

anuf

actu

red

3. W

idth

Siz

e

In o

rder

to u

se th

is s

ectio

n, y

ou m

ust b

e ab

le to

com

pare

our

spe

cific

atio

ns to

the

subj

ect h

ome,

in o

rder

to s

elec

t its

qua

lity

cate

gory

.

Gra

de Q

ualit

y C

ateg

orie

s

CLA

SS

PAG

ELU

XUR

Y=

SVS

4D

ELU

XE=

SVS

8S

TAN

DA

RD

=S

VS

12

ECO

NO

MY

=S

VS

14

(SU

PPLE

MEN

TAL

VALU

E “B

LAC

K T

AB

” SE

CTI

ON

)

Year

man

ufac

ture

d--

----

----

----

----

---

1990

Net

floo

r siz

e--

----

----

----

----

----

----

---

14 x

62

Trad

e na

me

----

----

----

----

----

----

----

--XY

ZM

anuf

actu

rer’s

nam

e--

----

----

----

----

Unk

now

nLo

cate

d in

Ariz

ona

----

----

----

----

----

--M

O R

egio

n

Your

ans

wer

: Usi

ng th

e St

anda

rd S

VS

, you

r yel

low

char

t pag

e w

ould

be

270

(Sam

ple

Page

)

AAAA AW

hat i

f the

hom

e yo

u ar

e w

orki

ng o

n fa

lls in

bet

wee

n tw

o qu

ality

cat

agor

ies?

Exa

mpl

e: Y

ou h

ave

a 19

90 1

4 x

62 h

ome

that

has

all t

he s

tand

ard

qual

ities

and

a s

ome

of th

ede

luxe

. Wha

t to

do?

Sim

ple.

Fin

d th

e Ye

llow

Cha

rt nu

mbe

r for

bot

h th

e St

anda

rd a

nd D

elux

eca

tago

ries.

Add

thos

e to

geth

er a

nd d

ivid

e by

two.

(270

+ 2

47) ÷

2 =

259

You

wou

ld u

se th

e Ye

llow

Cha

rt 25

9 to

det

erm

ine

your

bas

e re

tail

valu

e.D

on’t

forg

et to

mak

e no

te o

f thi

s in

you

r com

men

t sec

tion.

Gui

debo

ok

D


Whi

te S

ectio

n, p

art 1

The

Whi

te S

ectio

n, p

art 1

of t

he b

ook

list

s ho

mes

by m

anuf

actu

rer,

mod

el/t

rade

nam

e, y

ear

ofm

anuf

actu

rer,

and

by re

gion

al lo

catio

n. Y

ou w

ill no

t fin

dev

ery

mod

el lo

cate

d in

eve

ry re

gion

. We

try to

list

the

hom

es b

ased

on

the

regi

ons

they

wer

e bu

ilt fo

r. It

is n

otve

ry o

ften

that

a h

ome

is m

oved

from

its

orig

inal

site

dlo

catio

n.Th

is s

ectio

n of

th

e bo

ok e

nabl

es y

ou to

iden

tify

the

rela

tive

grad

e qu

ality

of a

ny m

anuf

actu

red

hom

elis

ted.

The

se h

omes

hav

e be

en c

lass

ified

int

o 33

6sq

uare

foo

t co

sts,

and

a c

hart

refe

renc

e ha

s be

enas

sign

ed to

eac

h, w

ith y

ello

w p

age/

char

t “1”

the

high

est

valu

e an

d “3

36” t

he lo

wes

t. (S

ee c

onst

ruct

ion

qual

ity o

fYe

llow

Cha

rts o

n pa

ge 8

).

1.Lo

cate

the

trade

nam

e.2.

Find

the

row

with

the

corr

ect w

idth

and

regi

on.

3.Fo

llow

this

row

ove

r to

the

colu

mn

corre

spon

ding

to th

e ye

ar m

anuf

actu

red.

Thi

s nu

mbe

r dire

cts

you

to a

pag

e in

the

Yello

w S

ectio

n, p

art 2

.

For

earli

er y

ears

, se

e th

e “O

lder

Hom

es C

onve

rsio

nC

hart”

in th

e G

reen

Sec

tion.

(Sam

ple

Page

)

Are

you

stu

ck?

Thes

e su

gges

tions

mig

ht h

elp!

Year

Man

ufac

ture

d –

Not

its

mod

el y

ear.

See

HU

D C

ompl

ianc

e C

ertif

icat

e/D

ata

Pla

te fo

r thi

s da

te, l

ocat

ed in

side

of h

ome.

m

Loca

ted

in A

rizon

a--

----

----

----

----

----

MO

Reg

ion

Gra

y pa

ge--

----

----

----

----

----

----

----

--14

3W

hite

pag

e--

----

----

----

----

----

----

----

-52

9Th

is d

irect

s yo

u to

Yel

low

pag

e---

--22

6(W

HIT

E SE

CTI

ON

, PA

RT

1 PA

GE)

VVVV V

Title

s an

d ot

her

offic

ial l

ooki

ngdo

cum

ents

issu

ed b

y fir

ms,

sta

te o

rlo

cal

agen

cies

, ar

e no

t al

way

s a

relia

ble

way

to

asce

rtain

a h

ome’

ssi

ze.

(You

mus

t ph

ysic

ally

mea

sure

the

floor

siz

e).

Wid

th N

ot L

iste

d –

If a

parti

cula

r wid

th is

not

list

ed b

ut a

sim

ilar w

idth

is, t

urn

to th

at s

imila

r wid

th’s

yello

w c

hart

page

. Now

read

acr

oss

the

wid

th c

olum

n to

the

actu

al s

ize

need

ed.

A si

ngle

wid

e to

a s

ingl

e w

ide,

or m

ulti-

wid

e to

a m

ulti-

wid

e. (D

o no

t mix

wid

th s

izes

)

If th

ere

is n

ot a

sim

ilar w

idth

list

ed, u

se th

e S

uppl

emen

tal V

alue

Sec

tion

(SV

S) f

or a

val

ue.

Reg

ion

Not

Lis

ted

– If

the

regi

on c

ode

is n

ot li

sted

by

the

wid

th s

ize,

use

the

Sup

plem

enta

l Val

ueS

ectio

n (S

VS

) “B

lack

Tab

” Sec

tion

of th

e gu

ide.

Do

not u

se a

noth

er re

gion

cod

e.

Gui

debo

ok

E


Gre

en S

ectio

n - O

lder

Hom

e C

onve

rsio

nIll

ustra

ted

here

are

thr

ee o

utda

ted

page

s fro

m t

heN

.A.D

.A. M

anuf

actu

red

Hou

sing

App

rais

al G

uide

. The

yw

ill be

use

d to

sho

w y

ou th

e co

rrect

use

of t

he O

lder

Hom

e C

onve

rsio

n C

harts

, lo

cate

d in

the

Gre

en S

ec-

tion,

Par

t 3 o

f the

Gui

de B

ook.

(WH

ITE

SEC

TIO

N, P

AR

T 1

— P

AG

E #5

29)

(GR

EEN

SEC

TIO

N, P

AR

T 3

OLD

ER H

OM

ES C

HA

RT)

(YEL

LOW

SEC

TIO

N, P

AR

T 2

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$19,

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IMPORTANT – READ THISValue Definition

YELLOW CHARTS:The value charts represent an abstraction of closed sales data deemed to be reliable from theopen market place, not from repossession, foreclosure or auction sales. This data is obtainednationally in each of the 9 N.A.D.A. regions from a variety of indicators and sources. This andother proprietary data is used in our program and includes traditional industry practices that wedeveloped as a result of our continuous research of the manufactured housing industry since1973. This analysis program produces an estimated value for the structure only, unfurnished,with 300 mile fgt., (delivered and installed on site), excluding any costs for insurance, taxes,fees, retailer rebates, buy down points, or extended home warranties, according to its initialcost per square foot and current regional market activity.Figures represent:

• Depreciated replacement value• In current year retail dollars• With traditional retailer mark-up• With transportation costs• With installation costs for the traditional pier/block set-up; not an excavated grade level orpermanent foundation system.

COMPONENTS:The base chart figures include value for the following components in the structure and othercosts as established by our computer program:• Bath/Kitchen Modules• Drapes, Curtains, Rods• Furnace/Heating System• Running Gear/Chassis Frame• Water Heater/Plumbing System• 30" Freestanding/Drop-in Range• 12 C.F. Single Door Refrigerator• Roofing - Standard Metal Type• Siding - Standard Metal Type• Windows/Doors Standard Type with Screens• Floor Covering - Linoleum with Standard Carpeting in the Living Room, Hall and MasterBedroom only

NOTE: To this base value you must add for components and optional or upgraded equipment.And, subtract for any missing component items as listed in the Optional Equipment Section.

CONDITION: These values assume the home is in marketable (average) condition. Conditionis determined at the time of physical appraisal. It is a general practice to deduct for neces-sary repairs and reconditioning. You can use repair/replacement costs found in the N.A.D.A.Manufactured Housing Appraisal Guide book.

COMPONENTS: They are features or items that are built into the manufactured home or addedto it in such a way that it becomes an essential part of the home and are built to the HUDconstruction code.

ACCESSORIES: They are features or items that are added to the home on-site, but may, ormay not, be built-in or permanently attached to the home (e.g. skirting, awnings, porch/decks,etc.) and are built to a state or local code.

ADDITIVE VALUES: They may be items found built-in the subject home, or additional compo-nents and accessory options, yard improvements, land improvements, etc. That were notaddressed in the components or accessories sections of the cost guide.


FANNIE MAE • FORM 1004CAlso applies to Freddie Mac Form 70B (issued 10/3/03)

Manufactured Home Appraisal Report Addendum

H

ILand Value

28 x 60 168028 x 60 22.58 37,929

Components 1.01

See Attached N.A.D.A. CD-Rom CostGuide Printout For ListedValues.

1,691

39,620

39,6201.15

45,5631.01

5,42231,30935,500

46,018

118,249118,200

AccessoriesAdditive Values

H

1

2

4

3(See Page 19)

(See Page 20)

NOTE: With some software programs, in order to use these lines to multiply (x) not subtract (< -> ), you may have to override.



BOOK VALUE FORM Date: 3/25/2004

Guide Edition: Sep-Dec 2003

(THIS IS NOT AN APPRAISAL FORM

Trade Name

SCHULT

State

AZ

Region

MO

Manufacturer

SCHULT

Year Mfg'd

2000

Reference Number: Office Location Costa Mesa, CA

(Multi-Wide)

101%

WidthChartNo Length

115%

X

Base Structure Value $37,929.00

$38,308.29

X

$44,054.53

Excellent Good Avg Fair Poor N/A

1.

2.

3.

4.

5.

XUnique Excellent Std Fair Poor N/A6.

7.

Floor Area

Condition Adjustment:

Condition Adjusted Value:

Community Adjustment:

Community Adjusted Value:

9. Components

$1,691.00

N/AState Location Adjustment:

Total Guide Book Retail Value (in average condition):

$44,054.538. Total Adjusted Value of Home

Main Floor $37,929.0028 60190 X

BATH FIXTURES

Tub Enclosure ............................................................................ 2 ea. $150.00

Fiberglass Tub - Combo ............................................................. 2 ea. $534.00

CARPETING COMPLETE

Multi-wide ................................................................................... 1 ea. $545.00

HOUSE TYPE ROOFING

Multi-wide ................................................................................... 1 ea. $857.00

HOUSE TYPE SIDING

Multi-wide ................................................................................... 1 ea. $918.00

KITCHEN APPLIANCES

Garbage Disposal ....................................................................... 1 ea. $51.00

Dishwasher ................................................................................ 1 ea. $247.00

MISCELLANEOUS

Fireplace (Permanent) ................................................................ 1 ea. $1,058.00

OMIT VALUES (Subtract) Deduct from Base Value

30" Freestanding Cooking Range ............................................... 1 ea. ($354.00)

Axle w/Hub (12 to 16 Widths) .................................................... 3 ea. ($756.00)

Brake Axle w/Hub (12 to 16 Widths) ......................................... 2 ea. ($596.00)

Drapes/Curtains ......................................................................... 1 all ($336.00)

Rim w/Tire (8 to 10 Ply) .............................................................. 10 ea. ($570.00)

Tow Bar ..................................................................................... 2 ea. ($258.00)

12 CF Single Door Refrigerator .................................................. 1 ea. ($252.00)

WET BARS

Walk Behind ................................................................................ 1 ea. $453.00

Page 1 of 3Copyright © 2003 by National Appraisal Guides, Inc. Form #1CD Updated 1/00 V.P.

1G

2

NON REALTYITEMSAND

RUNNINGGEAR

H

I






Trade Name

SCHULT

State

AZ

Region

MO

Manufacturer

SCHULT

Year Mfg'd

2000


10.

11.

Accessories

Additive Values

$5,422.15

AWNINGS (Metal Roofing)

Patio ............................................................................................ 225 sq. ft. $645.75

House Type Roofing (additional) ................................................ 225 sq. ft. $504.00

CENTRAL AIR CONDITIONING SYSTEM (By Ton, 12,000 BTU = 1 Ton) All Types

4 Ton Electric .............................................................................. 1 ea. $1,244.00

ENCLOSURE ROOMS - THREE SIDED (Attached to Home, Requires Porch or Slab)

Screen Only (w/Kickplate & Door) ............................................. 36 lin.ft. $1,116.00

Doors (People) ........................................................................... 2 ea. $174.00

PORCHES/DECKS (Measure Width x Length Including Carpet & Rails)

Steps (w/Aluminum Rail) ............................................................ 3 ea. $420.00

Elevated - Aluminum ................................................................... 160 sq. ft. $1,318.40

BUILT-INS

Deluxe Buffet/Hutch ................................................................... 1 ea. $151.00

CABINETS

Drawers w/Roller Guides .......................................................... 1 all $49.00

Overhead Cabinet Utility ............................................................. 1 ea. $66.00

DOORS

Deluxe House Type Door ........................................................... 1 ea. $122.00

Sliding Glass Door (6' x 6') ......................................................... 1 ea. $202.00

DRIVEWAY

Concrete ..................................................................................... 700 sq. ft. $700.00

ELECTRICAL

200 Amp Main ............................................................................. 1 ea. $181.00

EXTERIOR

2 x 6 Ext. Walls on 16" Centers .................................................. 176 lin.ft. $651.20

Dormer ........................................................................................ 2 ea. $594.00

Gutters/Downspouts .................................................................. 160 lin. ft. $422.40

FAN

Bath Exhaust Ceiling Fan ............................................................ 2 ea. $66.00

Kitchen Stove Exhaust Wall Fan ................................................ 1 ea. $109.00

FOUNDATION SYSTEMS

Concrete - Multi Section ............................................................. 1680 sq. ft. $7,593.60

GARAGE - Site Built to Local Code, with Wood or Metal Exterior Sides (Includes Foundation)

Windows .................................................................................... 2 ea. $54.00

Doors - Auto ............................................................................... 1 ea. $166.00

Doors - People ............................................................................ 2 ea. $170.00

Finished Interior (All Types) ....................................................... 405 sq. ft. $684.45

House Type Roofing/Siding ........................................................ 405 sq. ft. $4,155.30

INSULATION UPGRADED PACKAGE - D - All types, mfg., years or zones (Weather Barrier Sheathing Labe

Multi Section House Type Roof .................................................. 1 all $296.00


*

3






Trade Name

SCHULT

State

AZ

Region

MO

Manufacturer

SCHULT

Year Mfg'd

2000


$31,308.72

$82,476.4012. Total Adjusted (Retail) Value of Home and Optional Equipment

13. Wholesale Value Consignment Purchase Moved for Resale N/A

Completed By: Vince

Comments:

INTERIOR

Beamed Ceiling Rooms ............................................................... 6 ea. $402.00

Cathedral/Vaulted Ceiling Rooms ............................................... 6 ea. $1,014.00

Drywall/Gypsum Walls ............................................................... 176 lin.ft. $839.52

LANDSCAPING

Rock (All Types) ......................................................................... 600 sq. ft. $102.00

Shrubs/Hedges (Medium) ........................................................... 5 ea. $90.00

PATIO SLABS

Flagstone .................................................................................... 200 sq. ft. $276.00

PLUMBING

Single Lever Faucet ................................................................... 1 ea. $51.00

Spa/Hot Tub ................................................................................ 1 ea. $2,011.00

Stainless Steel Sink .................................................................... 1 ea. $128.00

SEPTIC TANK (750-1500 gal.) w/Plumbing

Fiberglass (FRP)-dbl. Compartment ............................................ 1 ea. $1,183.00

Drain Leaching Fields (incl. Gravel Base) - Avg. 24" Base ....... 85 lin.ft. $446.25

WALKS

Concrete ..................................................................................... 160 sq. ft. $160.00

WATER WELL WITH CASING

Drilling to 1000' deep .................................................................. 1 ea. $4,477.00

Casing & Sealing ........................................................................ 1 ea. $768.00

Pumping System/Pressure Tank ................................................. 1 ea. $2,558.00

WINDOWS

Dual Glazed Windows - Multi-wide ............................................ 1 all $370.00


*Important - Please ReadFoundation MUST be a HUD, State or Local P.E. approved, permanent system onfee land; NOT the trational standard elevation pier/block or excavated (pit-set) atgrade level with a perimeter block wall.

(See Foundation System Pages 35-47)

4


N.A.D.A. COST HANDBOOK

CONDITION AND (R.P.L.) GUIDELINES

PART 3-PAGE 5

This guideline considers the home's exterior and interior appearance. Themarket value of a home is affected by repairs and maintenance that renew orprolong life. Condition can have a positive or negative affect on the home,which in turn can be related to a price or dollar value and a remaining lifeexpectancy. The brief variables listed below are self-explanatory. Pick thegeneral condition based on the home’s appearance. Use for all widths.

(Not for N.A.S. Appraisal System use.)Home is new and/ or like new, very attractive andhighly desirable.Normal wear and tear visible, but home is wellmaintained, still attractive, desirable and useful.Without inspecting the home, assumed to be amarketable product, being of no specified condi-tion. (Average retail book value.)Minor deterioration apparent due to both the climateand the deferred maintenance, less attractive butobviously useful.Signs of structural deterioration obvious, missing orbroken component items, definitely undesirable andmarginally useful.

Excellent ---

Good --------

Average ----

Fair -----------

Poor ---------

FOR YELLOW CHART RANGE 170 THRU 254Condition Modifier Remaining Physical Life

Excellent .................... x 1.15 .....................49-42 yrs.Good ......................... x 1.08 .....................45-38 yrs.Average ..................... x 1.00 .....................42-35 yrs.Fair ............................ x .85 .....................38-31 yrs.Poor ........................... x .75 .....................35-28 yrs.



• How to Use •Multiply the Average Book Value by the listedmodifier on Line 4 of the Book Value Form #1.

H



This guideline represents an analysis of individual state'sunique cost of sale, set-up, freight, etc. and markettrends. Use the listed modifiers to adjust the regionalyellow chart values.

• How to use •Multiply the Total Value Line by the listed modi-fier on line 2 of the Book Value Form #1

STATEMODIFIERS

STATEMODIFIERS

STATE LOCATION ADJUSTMENT GUIDELINES

PART 3 - PAGE 4

EN East North CentralIllinois ...............x 1.02Indiana .............x 1.03Michigan ..........x 1.02Ohio .................x 1.01Wisconsin ........x 1.03

MA Middle AtlanticNew Jersey ......x 1.04New York .........x 1.02Pennsylvania ...x 1.05

NE New EnglandConnecticut ......x 1.04Maine ...............x 1.03Massachusetts .x 1.02New Hampshirex 1.01Rhode Island ...x 1.00Vermont ...........x 1.02

SA South Atlantic

ES East South CentralAlabama ............x .95Kentucky ...........x 1.00Mississippi .........x .96Tennessee ........x .99

MO MountainArizona ..............x 1.01Colorado ............x 1.02Idaho .................x 1.01Montana ............x 1.05Nevada ..............x 1.05New Mexico .......x 1.02Utah...................x 1.06Wyoming ...........x 1.05

PA PacificAlaska ...............x 1.10Hawaii ...............x 1.07California ...........x 1.08

I


FANNIE MAE • FORM 1004cManufactured Home Appraisal Report Addendum

J

M

K

L

NADA STD. CLASS II

X X




PART 3-PAGE 5



Excellent ---

Good --------

Average ----

Fair -----------

Poor ---------




Excellent .................... x 1.13 .....................41-38 yrs.Good ......................... x 1.10 .....................36-29 yrs.Average ..................... x 1.00 .....................34-27 yrs.Fair ............................ x .84 .....................31-22 yrs.


J


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s w

hich

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e fu

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ath

and

kitc

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mod

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. Cla

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____

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CONSTRUCTION QUALITYN.A.D.A.

Construction Quality and the Yellow ChartsUnlike some of our competitors we do not publish different grade

quality description guidelines with photographs or illustrations ofmanufactured homes to pick from. We feel with hundreds of different gradequalities produced by this industry over the last 30 years, this could be avery subjective choice (even for a knowledgeable user).

This N.A.D.A. Manufactured Housing Appraisal Guide is unique inmany ways compared to other cost hand books published. It is the mostwidely used publication that is manufacturer’s name specific in the industry.To use it, all you need to know is the trade name, floor size, location andyear it was built.

Construction quality is a function of cost per square foot, based on aver-age wholesale cost of a home without optional or upgraded equipment.

Construction Quality Classifications of Yellow Charts:

Page NA.D.A. Classification

LUXURY1-28 = High Class I29-56 = Medium Class II57-84 = Low Class III

DELUXE85-113 = High Class I114-142 = Medium Class II143-169 = Low Class III

STANDARD170-198 = High Class I199-227 = Medium Class II228-254 = Low Class III

ECONOMY255-282 = High Class I283-310 = Medium Class II311-336 = Low Class III

L

THE MANUFACTURED HOUSING INDUSTRY

HUDTITLE VI CONSTRUCTION CODE

(Compliance Regulation Only)

PIAs NCSBCS/HBT SAAs

BUILDING COMPONENT SUPPLIERSWood, Trussels, Frame Chassis, Doors,Windows, Cabinetry, Heating, Plumbing

and Electrical Equipment, Roofing, SidingMaterials, Etc.

MANUFACTURED HOUSING FACTORYSingle Wide, Multi Wide,

Expandable, Two Story and ModularHomes.

STATE OR LOCALLICENSING AGENCY

RETAILERS DEVELOPERS

CONSUMERS

INSTALLATION INSPECTION

PLAN APPROVAL &CONSTRUCTION AGENCIES*

Subject’s yellow chart number is 226


Subscription Price $100.00 Per YearEach Subscription Includes Three Updated Editions

(January-May-September)

Publisher ..................................................... Don Christy, JrAssistant Publisher ................................. Robin Rae LewisEditorial Director .............................................. Jodi ChristyManaging Editor ................................................... Len SimsEditor ..........................................................Vince PulsipherAssistant Editor ............................................ Sherrie Weller

MANUFACTUREDHOUSING

APPRAISAL GUIDE

N.A.D.A. APPRAISAL GUIDESP.O. BOX 7800 • COSTA MESA • CA • 92628

3186-K AIRWAY AVENUE • COSTA MESA • CA • 92626(800) 966-6232

(714) 556-8511 • FAX (714) 556-8715

Copyright © 2003 by National Appraisal Guides Inc. All Rights Reserved. No part of thispublication may be reproduced, stored in a retrieval system, or transmitted, in any form orby any means, electronic, mechanical, photocopying, recording or otherwise without priorwritten permission of National Appraisal Guides Inc.

The Manufactured Housing Guide of theNational Automobile Dealers Association

Printed in the U.S.A.

NOV.DEC.

SEPT.OCT. 2003

M


UNIFORM RESIDENTIAL APPRAISAL REPORT

Freddie Mac Form 70 6-93 Page 2 of 2 Fannie Mae Form 1004 6-93

N

O

P

S

Q

T

R

U

NOTE: This is a sample of how some appraisers aretransferring the stacking form data for the subjecthome and comparable sale adjustments on theURAR 1004.


NO

PQ

R

(See page 32)




PART 3-PAGE 5



Excellent ---

Good --------

Average ----

Fair -----------

Poor ---------






SU


-NOTE-SIZE OF HOME

Early in the development of the Mobile HousingIndustry, to assist the State and Federal highwaydepartments enforce oversize regulations, a specificmanufactured home was described on floor planbrochures in terms of width and length: 14’ x 80’, 24’ x60’, etc. The terms were maximum gross dimensionsand included the tow bar assembly and roof overhang.In most cases, the floor plan brochure did not state thegross dimensions and the box dimensions separately.This is still true today.

Currently, the manufacturers will include some typeof statement indicating a tow bar assembly length onthe floor plan brochure.

The maximum legal combined towing length in moststates is 85’. The towing length includes the truck, hitchand trailer.

To use the N.A.D.A. Manufactured Housing CostGuide, you must identify the floor size. A typical 24’ x60’ could have a floor size of 24’ x 56’ equivalent to1,344 sq. ft. of actual net living area. Keep in mind thatmanufacturers build a variety of tow bar assemblylengths from 2 1/2’ to 5’.

1. Measure the width and length of the structurealong the exterior perimeter at the floor level (floorsize).

2. Do not include the tow bar assembly or sideeaves in this measurement.

This home meets or exceeds all federalconstruction and safety standards andrequirements. Specifications are subject tochange without notice or obligation. Tires andaxles may have been recycled after closeinspection for safety and appearance. Sizeincludes approximately a four foot allowancefor the hitch. The square footage is totalledfrom outside measurement of walls and is anapproximate figure.

SAMPLE FLOOR PLAN DISCLAIMER USEDBY MANUFACTURERS

NOTE

Subject’s Yellow Chart number is 226

Construction Quality Classifications of Yellow Charts:

N.A.D.A. Classifications Overall Quality Line

LUXURY _________________________ Excellent = (E)Class IClass IIClass III

DELUXE ____________________________ Good = (G)Class IClass IIClass III

STANDARD________________________ Average = (A)Class IClass IIClass III

ECONOMY ___________________________ Fair = (F)Class IClass IIClass III

* ________________________________________ Poor*We do not offer this quality rating classification.The HUD 1976 Title VI construction code precludes manufactur-ers building this quality class of home.Depreciation and Cost Multipliers

Values are adjusted for depreciation and market activity threetimes per year (January, May and September).

We also do not print separate guidelines for other traditionalappraisal industry multipliers like: local costs for material, carpentry,plumbing, masonry, etc. Most, if in fact not all of these typical localcosts, do not apply to the centralized mass produced factory builthousing industry.

QUALITY CONVERSIONFNMA / fhlmc

The N.A.D.A. Construction Quality Classifications convert to thebelow Fannie Mae (FNMA) Form 1004c or Freddie Mac (FHLMC)Form 70B.

PART 3-PAGE 7

T


ASSEMBLAGEAs Applied to Manufactured Housing

AssemblageThe act of acquiring two or more abutting properties for ownership and /or specific use.

Assemblage CostExtra money paid to acquire abutting properties in order to combine them into one largeparcel.

Assemblage ValueThe additional value that is developed by combining several abutting properties into onelarger property.

In order to arrive at a market value opinion for a property under analysis, sales data used for the analysis mustalso meet the definition of market value. This means a sale comparable is a property (a single property) thathas been exposed to competitive and open market conditions requisite to a fair sale:

(1) Buyer and seller are typically motivated(2) Both parties are well informed(3) A reasonable time is allowed for exposure in the open market(4) Payment is in terms of U.S. dollars(5) The price represents the normal consideration for the property sold unaffected by special or

creative financing or sales concessions granted by anyone associated with the sale.

USPAP SR 1-4(e) states: “An appraiser must analyze the effect on value, if any, of the assemblage of thevarious estates or component parts of a property and refrain from valuing the whole solely by adding togetherthe individual values of the various estates of component parts.”

Market Value Definition as applied to comparable sales for the analysis and appraisal of new manufacturedhomes:

····· If a person were to buy a site, put a new manufactured home on a permanent foundation on the site,connect all the utilities, provide adequate access (driveway, walks, etc.), expose it to the open market,and negotiate a sale of the property; this sale could be used as a sales comparable for a new or existingmanufactured home.

····· If, however, a site was purchased from one party, and a manufactured home from another, and sitedevelopment, permanent foundation, etc. from another, this could not be used. Costs gathered were fromdifferent units of production, and may or may not represent the value of the whole and must not be usedas a comparable sale. This is an example of an assemblage, not the sale of a single property offered asone unit on the open market.


FOUNDATIONSHUD/FHA, FNMA REQUIRED

Attached, please find selected samples, copy pages from the HUD Handbook 4930.0(aka the “Green Book”) for manufactured housing approved foundation systems.

Installations meeting this criteria permits a HUD coded manufactured home to qualify fora 30-year real estate-type mortgage using one of the following HUD approved systemsthat are based on the site, climate conditions, soils, topography, etc.

The attached samples shows some of the documentation required for a HUD approvedfoundation installation that are submitted to a local building and safety departmentagency for approval.

This should leave a paper trail for the appraiser to be able to ascertain that, in fact, thesubject property’s foundation meets the necessary HUD criteria.

NOTEWe are told, a stand-alone letter submitted by a professional engineer (PE) or certifiedhome inspector will not meet the criteria. Supporting documentation from this HUD4930.0 Handbook may also be required.

See the Cost Guide, Part 3, Page 47, or see the software for the foundation costs.

We do not show an “E2” foundation sample.

We also caution that this foundation documentation (paper-trail) is required for newfactory ordered homes (proposed construction), new existing homes (never lived in), andespecially existing (previously lived in) homes.

Sample copies of Check Sheet and Foundation System Diagrams used with permission of: IBTS, Inc., 505Huntmar Park Drive, Suite 250, Herndon, VA 20170.

Mailing Address: P.O. Box 7800 · Costa Mesa · CA · 92628Corporate Offices: 3186-K Airway Avenue · Costa Mesa · CA 92626

(800) 966-6232 · (714) 556-8511 · FAX (714) 556-8715

N.A.D.A.APPRAISAL GUIDESAPPRAISAL GUIDESAPPRAISAL GUIDESAPPRAISAL GUIDESAPPRAISAL GUIDES


NOTES:

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