Facei Blog

What do Modular Homes Appraise For Typically?

February 27th, 2009

Getting appraisals for modular homes. Typically, independent appraisers will compare modular homes and site built homes that are similar to your home’s location, size, condition, and property size. Appraisers may also use a table of construction costs to make this determination.

If modular homes are appraised at a value equal to or greater than the total price being asked for them, including the land, they can advise the lender that the loan will be backed by sufficient collateral. If appraisals on modular homes are lower than the asking price, the appraiser will likely advise the lender to reduce the amount they are willing to lend.

Entry Filed under: Home