Real Property Appraisals/apprasial
QUESTION: I live in a Mobile Home Community in Florida. I hate the heat and bugs. I want to sell and move back north. The management told me I could sell on my own but I would have to get an appraisal. That it would have to come back about $40,000 (approx. what I owe with pre paid interest). The management knew back in March I wanted to sell and now its almost June. Every time I ask they tell me the home office is "crunching numbers"
There are 2 problems. 1.Why is even any of their business? I know they have to approve anyone who moves in here but other than that why do they have anything to do with it?
2. They told me that to sell it on my own I would have to have an appraisal done and it would have to appraise at approx. $40,000. (approx. what I owe with prepaid interest)
Do I HAVE to have an appraisal? Is there some kind of law about it? Seems to me it (the loan is assumable) sign a few papers and that's it. They seem to make it so complicated.
My profuse apologies !! This question got lost in my Gmail account and I am only just now finding it. I just changed my e-mail address to my Outlook account so I will get the question notices from now on.
You have several problems here. First, an appraisal would be beneficial to you because it would give you an idea about the real value of your home, not the value you need to sell it. Make sure that any appraiser you retain has expertise in the valuation of mobile/manufactured homes. That way, if you sell it on your own and a Buyer comes along and makes you an offer, you will know whether it is a fair offer or not.
The year your home was built is very important. If built prior to 1978, it could not be financed by any lender, especially FHA. In that case, you either have to get cash for your home, or carry a note.
With respect to selling it on your own, if the Buyer needs financing, the lender would have to order the appraisal from an appraiser on their list of approved appraisers.
You say the loan is assumable. However, under what terms is it assumable?? You need to read your loan documents. If there are terms in the loan documents that the Buyer would have to qualify to assume the loan, then the lender would have to order an appraisal before approving the Buyer.
If your home is not worth $40,000 as you need it to be, you should get advice from an Attorney about your property rights.
I'm hoping that your management is not setting you up to make you sell to them, or a buyer of their choice at a low price - just because you want to get out of Florida.
Best of luck to you and I apologize again for not answering your question sooner.
John C. Carlson
---------- FOLLOW-UP ----------
QUESTION: Don't worry about being late. I am as well. I keep saying I'm going to do things I never do.
Here's what I don't get. Let's say you own my home. And your willing for someone just to take over the payments. Ok, now I come along and say 'ok I'll sign the note to take over the payments. So isn't it the banks job to decide if I can or not? I know the bank wants an appraisal to see if its worth it, but do I have one?
ANSWER TO FOLLOWUP:
By gosh, I'm answering this question of yours quickly!
Yes, it is the Bank's job to decide if you can take over the payments, you have to be able to qualify for the loan.
In addition, Banks do not allow someone to just "take over the payments" on the sly anymore. As soon as they discover this has been done, most Loan Documents have what are called Acceleration Clauses in which they, the Bank, can call the loan due and payable...immediately.
If you are the buyer, you will get a copy of any appraisal done for a Bank in which you are getting a loan, Federal Regulations require the Bank to provide you with a copy of the appraisal.
Hope this gives you more information about your situation
John C. Carlson