Buyers often want a pre-owned home appraisal of a specific home to ensure the proper amount of insurance coverage is in place on a home. Homeowners also want to ensure they’re paying a fair price for an existing home that interests them. In acquiring a pre-owned home appraisal, the customer is able to use the information as leverage in the case that the seller is asking what might be too high of a price for the home.
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Sellers and buyers agree that a quick and simple method for determining an average retail value sometimes can be the solution they need. Datcomp has a variety of valuation products that work based on your needs and the level of detail that is required. For instance, the cost-approach based on year, make model and size of the home under the right circumstances will fulfill the need.
Datacomp’s Unique Approach
The Datacomp new home market-based appraisal follows the same methodology and criteria for valuations on residential site-built homes, a unique offering in the manufactured housing industry. We focus on a thorough inspection, finding recent and similar nearby sales, and conducting analysis of those comparable home sales to allow our appraisers to document an unbiased and expert opinion of value.
How We Use NADA
The National Association of Automotive Dealers produces the NADA Manufactured Home Value Guide, which is used to calculate the average depreciated retail value of a manufactured or mobile home. The primary drawback of this approach is that book value is designed to work around the many factors from the local market that impact individual home value. The NADA producers even caution users that the only way to get an accurate value for a specific home is to physically inspect the home and to use recent, local comparable sales. At the lender’s request, Datacomp will calculate the NADA Book Value and use it as the “cost approach value” in our market-based appraisal.
Comprehensive Market-Based Appraisals
Home photographs, measurements, and detailed descriptions of the home and attached structures are gathered and forwarded to our in-house appraisal experts. Utilizing our proprietary database of more than five million manufactured home sales, one of our appraisers calculates the fair market value and produces a written appraisal report. This comprehensive 12-page report is then emailed directly to you, providing you with a detailed description of the subject home, options and accessories, community data, interior and exterior photos, comparable sales data, and a calculation of the fair market value-based determination on comparable sales. Our appraisal reports are welcomed by hundreds of lenders nationwide.
Plans and Specifications Appraisal
If a new home of interest is on a retailer lot or in a manufactured home community, a “plans and specifications” appraisal can be performed while the new home is still being manufactured or delivered. Datacomp uses floor plans from the manufacturer or retailer, as well as specification sheets and other documentation, to provide an accurate home valuation. New home appraisals from Datacomp provide understanding of a home’s actual value, for the model itself and the market and area in which it is sited. Our comprehensive methodology for inspection services, including the discovery and analysis of similar and recent nearby home sales, delivers the most accurate valuation in the industry.