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Manufactured Home Value |
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Q: I Did Not Receive My Report, Now What? As mentioned previously, all book value reports are emailed and/or faxed. Due to internet spam, many mail servers will place your book value report in the junk and/or spam folder. Please check here prior to contacting us. Our fax servers will only attempt to fax a report 3 times. To check on your report status, simply click here for our online operator. Q: What is a Manufactured Home Book Value? A Manufactured home book value is just what that statement denotes. It is a value taken from a book. There used to be several "books or guides" that were used to evaluate the value of a Manufactured home, but now there is just one nationally recognized N.A.D.A. Manufactured Housing Appraisal Guide. As N.A.D.A still prints this book, professional users are provided with advanced software that is regularly updated to reflect current value trends. All book value reports are prepared by trained personnel and must be certified by JCF. The Advanced Book Value Request Form can be used for mobile, manufactured and modular homes. You may also use the form for park models and office modular units that were constructed at a factory, not to be confused with a structure built onsite. Our database will go back as far as 1950. Q: Is an Advanced Book Value the same as an Appraisal? No, they are completely different. A book value gives the standard value of the base model home, then adds the value of extras found in each home. Value options are broken into three sections Components, Accessories and Additive Values. The book value also considers State Location, Home Life Span, Condition, Quality and items in need of repair. The book value also adds for additional items such as garages, septic tanks, decks, water wells, etc. It does not consider the value of the land or supply and demand for the home. If the home must or will be moved, the Wholesale Value is also given which adjusts the value for tear down, transport, lot set-up, redelivery, re-set-up and retailer profit, where a home is purchased by a dealer and is offering the home for sale at a sales location or other site location. An appraisal is based on comparable home sales in the neighborhood, park or community of the home in question. This gives the consumer an idea of the supply and demand of homes in the area. An appraisal is an excellent choice when the home is in an upscale area, when the community location value far exceeds the homes actual value. A good example of this would be a manufactured home located in a resort area, where the home might have an actual book value of say, $50,000.00. Supply and demand for said such home might drive the value in that location to $150,000.00 or more. The book value would give you the home's actual value and the appraisal would give the community value, in this case the location cost and/or value would be $100,000.00. Q: When is the Advanced Book Value Used? There are many uses for the Advanced Book Value Report. Many financial companies, insurance companies, state and local governments, dealers, investors, appraisers, etc. use the advanced book value in their daily business. Because this is the advanced version, it is much more reliable than any other online services available today, giving consumers and industry professionals a more accurate value determination. Many consumers and lenders request both the advanced book value and a certified appraisal. Q: I Know Very Little About The Home, Can I Get an Accurate Book Value Report? No. The true value of a mobile, manufactured or modular home can only be determined by a complete Advanced Book Value Submission Form. You must keep in mind that the year, make, model and size are just the beginning and/or the base value. The value building blocks must be added to give a clear picture. Many online services ask a handful of questions, then give a value. We, as do most industry professionals, consider these value reports worthless. The value report is only as accurate as the information provided. Please take your time and use our NADA XII Advanced Version Worksheet, when possible. Q: I received My Book Value Report, But Some Information is Different from My Submission? When possible, our personnel will check with State, County and other sources to verify information contained on your book value request submission. When an error is discovered, it will be noted on the email you receive with your Advanced Value Report. In some cases, we will also attach a copy of the title, when applicable for further clarification. Q: What Are The Most Common Mistakes? Hands down, the most repeated mistakes are the dimensions of the home. The size of the home has a significant impact on your value determination. Never guess. Always measure the home and never count on documentation, as most paperwork will list the size including the hitch length, which is not considered when determining the value. The next most common mistake is the year of the home. Keep in mind this should represent the year the home was built, not to be confused with the model year. Finally, your answers should make common sense. Some users, for example, will indicate that their single wide home has 5 house type exterior doors, 5 double bowled bathroom counters, etc. Common sense would say that this is not possible.
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