© 2018 Freddie Mac Single-Family Seller Servicer Guide
The Seller must obtain an appraisal with an interior and exterior inspection that meets Freddie Mac requirements, including the following requirements:
(a) Additional appraiser qualifications for appraisals of Manufactured Homes
In addition to the appraiser qualifications stated in Section in Section 5601.3, the Seller must determine that the appraiser demonstrates the knowledge and experience to perform quality appraisals for Manufactured Homes. The appraiser must:
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(b) Contract for sale of a Manufactured Home provided to appraiser
In addition to the requirements in Section in Section 5601.3, the Seller must provide the appraiser with:
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- Perform a complete visual inspection of the interior and exterior areas of the Manufactured Home
- Inspect the neighborhood
- Inspect each of the comparable sales from at least the street
- Research, verify, and analyze data from reliable public and/or private sources
- Develop an opinion of the market value of the Manufactured Home based on the sales comparison approach to value. Non-realty items, such as insurance, warranties or furniture must be excluded from the value conclusion
- Develop the cost approach to value as support for the sales comparison approach
- Report his or her analyses, opinions, and conclusions on Form on Form 70B, Manufactured Home Appraisal Report
- Match the manufacturer's serial number(s) and the HUD Certification Label number(s) on the dwelling to the number(s) on the contract for sale, manufacturer's invoice, and any other documentation provided. If the numbers do not match, the appraisal report must clearly state that the Manufactured Home is not the same dwelling referenced on the contract for sale or other applicable documentation.
- Complete the Form 70B in the Form 70B in its entirety
(d) Sales comparison approach for Manufactured Homes
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(e) Cost approach for Manufactured Homes
The cost approach and sales comparison approach are complementary for the valuation of manufactured housing and must support the final value conclusion. A detailed cost approach to value based on published sources and supported by market data is required for all Manufactured Home appraisals. It must, at a minimum, provide the information indicated on Form on Form 70B, and provide sufficient information and data to allow the Seller and other reviewers to replicate the cost figures and calculations.The cost figures must come directly from a published cost service without modification by the appraiser. The appraiser must report the source of the cost data and the effective date of cost data.The appraiser must provide a quality rating from the cost service used. The appraiser's quality rating must be based on objective criteria.The appraiser must provide his or her opinion of site value supported by a summary of comparable land sales or other methods used for estimating site value.
(f) Income approach for Manufactured Homes
The income approach to value is not required; however, the appraiser must consider the income approach to value and develop it if applicable and necessary to develop a credible report.
(g) Completion documentation for Manufactured Homes
If the appraisal is performed before the Manufactured Home is delivered and installed on a permanent foundation, the Seller must document that the Manufactured Home is complete. If a new appraisal is required, the appraiser must provide an analysis of previously unavailable information. If the new appraisal is an appraisal update that also acts as documentation of completion, the appraiser must state that the conditions of the underlying appraisal have been satisfied.Additional Resource: https://www.allregs.com/tpl/Viewform.aspx?formid=00051759&formtype=agency#page=581