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re: Ok folks. Here are the pics of my damage….
Posted on 9/12/21 at 6:22 pm to Sneaky__Sally
Posted on 9/12/21 at 6:22 pm to Sneaky__Sally
quote:
they are rarely considered real estate outside of special circumstances.
Tell that to the tax assessors and real estate appraisers.
In short, what you posted is not accurate in my experience. They do have value and are considered part of the property once they have been immobilized. In fact, in Louisiana, you can't file for homestead exemption unless they are immobilized. Now whether that value depreciates or not over time is a different story but a house on a slab can see its value decrease too.
quote:
It usually takes a good bit of money and ancillary improvements to affix the thing in such a manner where outside parties would consider it real estate from what I have seen.
Again, not 100% accurate.
This post was edited on 9/12/21 at 6:23 pm
1
Posted on 9/12/21 at 6:24 pm to madamsquirrel
quote:
But you can't immobilize and homestead a mobile home in a park. Only onland you own.
I know that. That is not my question. My question is if after a certain age you can no longer insure it and if the insurance will make considerations for an older one on private land but not in a park.
This post was edited on 9/12/21 at 6:55 pm
Posted on 9/12/21 at 6:27 pm to stout
Age has nothing to do with it. MS doesn’t know what she’s talking about.
Posted on 9/12/21 at 6:27 pm to stout
I'm curious as to what real estate appraisers you are talking to. Banks for example sure as hell aren't going to consider it as real estate for a mortgage if it can be easily moved at low cost to the borrower. They don't want to foreclose on a property and find out that part of the collateral has disappeared.
This post was edited on 9/12/21 at 6:30 pm
Posted on 9/12/21 at 6:30 pm to tgrbaitn08
Age has a lot to do with it. It is registered like a motor vehicle and not real estate.
***unless it is immobilized and affixed to the property and homesteaded etc as stout said
***unless it is immobilized and affixed to the property and homesteaded etc as stout said
This post was edited on 9/12/21 at 6:33 pm
Posted on 9/12/21 at 6:33 pm to Sneaky__Sally
quote:
. Banks for example sure as hell isn't going to consider it as real estate for a mortgage if it can be easily moved at low cost to the borrower
Who is telling you this? Are you a banker?
Again, not true. How do you think people get mortgages to purchase a property with an affixed mobile home? The loans are usually a little more strict to purchase one and usually requires more money down but they do qualify for mortgages.
Once that serial number has been registered as part of that property then it is considered as part of the improvements thus how appraisers can appraise it as such. The only time you can't finance one is if they have been moved more than once IIRC but that has nothing to do with being able to finance one that was only moved once and homesteaded properly.
Posted on 9/12/21 at 6:34 pm to tgrbaitn08
quote:
Age has nothing to do with it. MS doesn’t know what she’s talking about.
That's where I am getting to but I know CaptainsWafer would know since he is in insurance. I want his opinion.
Posted on 9/12/21 at 6:36 pm to stout
It has nothing to do with affixed properties like you are talking about stout.
It has everything to do with mobile homes in parks that were always mobile.
Eta- pj's trailer was in a park which is why it is relevant here.
It has everything to do with mobile homes in parks that were always mobile.
Eta- pj's trailer was in a park which is why it is relevant here.
This post was edited on 9/12/21 at 6:38 pm
Posted on 9/12/21 at 6:37 pm to stout
I'm sure homesteading is different, but from the commercial real estate and valuation side, banks rarely consider a it as part of the real estate they are willing to loan on in a typical manner.
When they are loaning on a going concern of an operation with mobile home, they categorize it as F,F & E usually - the same way that furniture and fixtures are categorized for hotels.
When they are loaning on a going concern of an operation with mobile home, they categorize it as F,F & E usually - the same way that furniture and fixtures are categorized for hotels.
Posted on 9/12/21 at 6:38 pm to dukke v
Jesus, Peej. Man, I’m so sorry. The stress of that. Hang in there, man.
Posted on 9/12/21 at 6:38 pm to madamsquirrel
quote:
It is registered like a motor vehicle
But it’s not.
My floating house boat that has no engine and is not self propelled is not registered as a motorized vessel.
Why would a trailer/mobile home with no motor be registered as a motor vehicle
That’s fricking stupid
Posted on 9/12/21 at 6:38 pm to madamsquirrel
You don't have to repeat yourself. I said I know that. I want to hear from someone in insurance if it is impossible to insure one in a park past a certain age
Posted on 9/12/21 at 6:39 pm to tgrbaitn08
quote:
Why would a trailer/mobile home with no motor be registered as a motor vehicle
That’s fricking stupid
They are until you immobilize them.
LINK
This post was edited on 9/12/21 at 6:40 pm
Posted on 9/12/21 at 6:39 pm to stout
It is probably not impossible. You can insure an 99 toyota Camry for $2,000/year but is it worth doing that. That was my point not that it was impossible.
Posted on 9/12/21 at 6:40 pm to madamsquirrel
quote:
It has everything to do with mobile homes in parks that were always mobile.
But they aren’t motorized. They aren’t motor vehicles.
That’s like saying my utility trailer is a motor vehicle.
Posted on 9/12/21 at 6:41 pm to fr33manator
quote:Where the damage?
I think we all know that deep down we are thinking about trailer park jokes, because it’s peej, and because we are the OT
quote:Kidding. That's terrible.
But also our thoughts are with him
Posted on 9/12/21 at 6:41 pm to tgrbaitn08
I don't make the rules. I am just stating what they are.
Posted on 9/12/21 at 6:41 pm to tgrbaitn08
quote:
That’s like saying my utility trailer is a motor vehicle.
Your utility trailer is still registered through the Office of Motor Vehicles. A mobile home is a tailer until it is immobolized.
Posted on 9/12/21 at 6:42 pm to stout
quote:
They are until you immobilize them.
LINK
That’s the dumbest shite I’ve ever heard of.
Posted on 9/12/21 at 6:45 pm to stout
quote:
Your utility trailer is still registered through the Office of Motor Vehicles. A mobile home is a tailer until it is immobolized.
That’s what I’m saying is dumb. My floating houseboat is just a barge, a non motorized vessel. Just as mobile or immobile as a mobile home but a trailer is considered a motorized vehicle
Dumb
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