When you’re applying for manufactured home loans, the appraisal can make or break your financing. An appraisal determines the current market value of your home and is a key factor in how much you can borrow. But what happens if you feel the appraisal came in too low or doesn’t reflect the true value of your home? The good news is you have the right to dispute it.
Let’s walk through how the appraisal process works for manufactured homes and the steps you can take if you believe yours is inaccurate.
Why Appraisals Matter in Manufactured Housing
Appraisals aren’t just a formality, they’re a safeguard for both you and the lender. In manufactured housing, appraisers look at things like:
- The age and condition of the home
- Comparable sales (other similar homes recently sold in your area)
- Whether the home is affixed to land or on leased property
- Upgrades, improvements, and unique features
If any of these are overlooked or miscalculated, the result could undervalue your home and potentially affect your ability to qualify for financing.
Common Reasons to Dispute a Manufactured Home Appraisal
You may want to file a dispute if you notice:
- Incorrect information: The appraisal lists the wrong square footage, number of bedrooms, or home model.
- Poor comparable sales: The appraiser used outdated or irrelevant comps, such as stick-built homes or older manufactured units.
- Missed upgrades: Renovations, energy-efficient features, or add-ons weren’t included.
- Market shifts: Recent sales in your neighborhood weren’t factored into the report.
Even small mistakes can have a big impact on the appraised value.
How to Dispute a Manufactured Home Appraisal
If you think your appraisal is off, here’s how to handle it:
1. Review the Report Carefully
Go through the appraisal line by line. Double-check details like square footage, year built, land ownership, and structural features.
2. Gather Your Evidence
Collect documents that support your case, such as:
- Photos of upgrades or repairs
- Receipts for improvements
- Sales data of comparable manufactured homes in your area
- Tax assessments or prior appraisals
3. Submit a Written Dispute to Your Lender
Lenders typically require disputes in writing. Provide a clear explanation of the errors and attach your supporting evidence.
4. Request a Reconsideration of Value (ROV)
This formal process asks the appraiser (through your lender) to re-examine the report based on your evidence. If your case is strong, the appraiser may adjust the value.
5. Know When to Seek a Second Appraisal
If the dispute doesn’t resolve the issue, and your lender allows it, you may request a second appraisal. Keep in mind this can come with added costs.
Tips for Avoiding Appraisal Issues in the Future
- Keep detailed records of home upgrades and improvements.
- Stay informed about recent sales of manufactured homes nearby.
- Work with lenders experienced in manufactured housing, as they understand the unique appraisal process better than traditional mortgage lenders.
Final Thoughts
Disputing a manufactured home appraisal may sound intimidating, but it’s a straightforward process if you know what to look for and how to present your case. Remember, the appraisal isn’t just a number, it directly impacts your ability to secure the right financing.
At ManufacturedHomeLoans.com, we’re here to help you understand every step of the journey, from appraisals to manufactured home loans tailored to your needs.
Ready to take the next step? Explore your financing options today and connect with lenders who understand the unique value of manufactured housing.
